Tesla's tumble: This week in EVs
Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Tesla to exercise caution, see big share drop; OSHA proposes fines on GM battery plant.) shares tanked Thursday after the company reported a top- and bottom-line miss - earnings per share of $0.66 fell $0.07 short of consensus, and revenue of $23.35 billion was also lower than estimated - and after cautious commentary by CEO Elon Musk.
And Ford recently announced its intention to temporarily scale back one of the three shifts at the facility responsible for producing its electric F-150 Lightning pickup truck. The move followed the company’s decision to slow down its EV expansion and to redirect investments toward commercial vehicles and hybrids.
That contraction, along with the anticipated launch of the Cybertruck - which Tesla announced would take place on November 30 at its Texas Gigafactory - have amplified investor concerns about Tesla's profitability. In response to the recommendation, Ultium Cells emphasized its commitment to safety and requested a hearing with OSHA.
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