- Tesla shareholders approved CEO Elon Musk's $56 billion pay package in a what was seen as an endorsement of his leadership, but the electric car maker's stock remains richly valued even after several years of weakness in shares.
Tesla's shares received a badly needed boost after Musk said on April 23 that Tesla would release more affordable new models in 2025. Its quarterly revenue fell for the first time since 2020, when the COVID-19 pandemic hampered production and deliveries. Musk has told investors they should view Tesla as an "AI robotics company" rather than a car maker, and its stock has long traded at earnings multiples higher than many technology companies as well.Tesla shares are priced near 61 times expected earnings, up from about 22 in January, though that is far below a price-to-earnings ratio of 150 reached in November 2021.
Unlike GM and Ford, part of Tesla's employee base works at service centers around the world, equivalent to GM and Ford's independently owned dealership networks. In January, Tesla's falling share price caused its value to dip slightly below the combined value of the other major automakers.
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