Why Tesla Stock Tanked in January

January was a great month for most stocks, but not so much for (NASDAQ: TSLA). The leading electric vehicle (EV) manufacturer's stock fell by 24.6% in January and continues to fall in February, according to data from S&P Global Market Intelligence. Shares are currently off 55.5% from all-time highs set in 2021.

Here's why investors are souring on Tesla's prospects in 2024.

In its Q4 earnings, Tesla reported another quarter of unit volume growth, with total car deliveries to customers up 20% year over year compared to 2022. However, due to its aggressive price cuts to prop up demand, Tesla's revenue only grew 3% year over year in Q4 2023. But honestly, that's one of the best numbers from the report.

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Source Fool.com