- The stock price of Tesla Inc (NASDAQ: TSLA) fell from $684.90 to $673.60 (down 1.65%) today. This is why it happened.
The stock price of Tesla Inc (NASDAQ: TSLA) fell from $684.90 to $673.60 (down 1.65%) today. It seems like there are a couple of reasons why the stock price fell today.
First, the Nasdaq fell sharply today as investors were selling off mega-cap growth stocks due to rising interest rates. A number of other tech stocks dropped today as well like Apple and Microsoft.
Another reason why the stock price likely fell is due to Stellantis CEO Carlos Tavares saying that the company would likely be able to achieve its European carbon dioxide emissions targets this year without environmental credits acquired from Tesla. Stellantis had spent about 2 billion euros ($2.40 billion) to buy European and U.S. carbon dioxide credits from Tesla between 2019 and 2021.
“With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,” said Tavares in an interview with French weekly Le Point via Reuters. “Thus, we will not need to call on European CO2 credits and FCA will no longer have to pool with Tesla or anyone.”
When Tesla announced its recent quarterly results, the company was able to achieve better-than-expected revenue due to the sales of environmental credits.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.