The stock of Tesla Inc. tumbled by over 12% following Elon Musk’s attempt to shift the focus from slower sales growth, causing a significant plunge for the company. Despite falling short of earnings estimates and lowering its expansion rate for this year, Tesla has an optimistic perspective on meeting financial objectives as it plans to introduce the next-generation vehicle in the second half of next year at its Texas plant, as well as at an upcoming site in North America. The model, which is set to be a cheaper option, could attract additional mass-market buyers and potentially lift the company back into the competitive edge within the ever-evolving era of electric-powered vehicles. Furthermore, with its new Cybertruck gradually rolling out and limited vehicle lineup, Tesla realizes the importance of continuing to reach new consumers through other products and maintaining competitive profitability. Although the company reported lower profit margins due to various factors including price cuts and increased expenditure, Tesla remains confident in its vision for the future and PMusk has requested a 25% stake to strengthen his standing within the company’s future development strategies.
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