Tesla CEO Elon Musk told employees they shouldn’t “be bothered by the stock market frenzy” after the corporate’s shares fell nearly 70% this yr amid concern over waning demand for electric vehicles and Musk’s distraction with Twitter’s lead.
In an email sent to employees on Wednesday and reviewed by Reuters, he said he believed Tesla can be the world’s most useful company in the long run.
He also urged employees to try to deliver vehicles later this quarter, after the automaker offered discounts on its vehicles in the US and China.
“Please do your best for the following few days and volunteer to help deliver if in any respect possible. It can really change!” he said in an email.
Analysts expect Tesla to deliver 442,452 vehicles within the fourth quarter, according to Refinitiv data.
Tesla’s sharply falling share price hurt the worth of shares held by employees of the electrical vehicle maker. Tesla offered stock compensation to most staff, including factory staff.
![Elon Musk](https://nypost.com/wp-content/uploads/sites/2/2022/12/elon-musk-tesla-1.jpg?w=1024)
Tesla shares rebounded on Wednesday after falling 11% the day gone by after Reuters reported that the automaker plans to shorten the production schedule at its Shanghai plant in January. The news sparked concerns a couple of drop in demand on the earth’s largest automotive market.
“Btw, don’t fret concerning the stock market madness. As we proceed to show excellent results, the market will appreciate it,” he said.
“In the long run, I strongly consider that Tesla will probably be the most useful company on Earth!”
![Tesla electric car](https://nypost.com/wp-content/uploads/sites/2/2022/12/tesla-factory.jpg?w=1024)
Morgan Stanley analysts lowered the share price goal to $250 from $330, saying the last two years of oversupply will probably be “substantially reversed to oversupply” in 2023.