Elon Musk advises Tesla workers to ignore the "stock market craziness"

Tesla CEO Elon Musk told employees to ignore the "stock market hysteria" after the company's shares fell over 70% this year on worries about dwindling demand for electric vehicles and Musk's recent acquisition of Twitter. Additionally, after the business offered discounts on its cars in China and the US, he ordered staff to enhance deliveries towards the conclusion of this quarter. Analysts expect the EV powerhouse to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv figures. Because of the company's declining stock price, the value of the shares Tesla employees own has declined. Most employees have received stock compensation from Tesla. [caption id="" align="aligncenter" width="750"] Image credit- Business News[/caption] Tesla intends to extend the decreased output it started this month through 2023 by keeping a restricted production schedule at its factory in Shanghai, according to an internal calendar as per reports. Tesla will build electric vehicles for 17 days in January, from Jan. 3 to Jan. 19, according to the production timetable, and then stop for a lengthier break to celebrate the Chinese New Year from Jan. 20 to Jan. 31. Tesla did not provide an explanation for the production slowdown in its output projection. It was also unclear if production would continue while the Model 3 and Model Y assembly plants were shut down. At $116 per share in premarket trading, Tesla shares was down 5.8%. Elon Musk's recent sales of Tesla shares and his activity on Twitter, along with investors' concerns about demand, particularly that from China, have all led to the stock's 56% value decline since the start of October. [caption id="" align="aligncenter" width="600"] Image credit- Mint[/caption] In a departure from its original plan to wind down a significant percentage of operations at the facility in the final week of December, Tesla also halted production at its Shanghai manufacturing on Saturday, according to Reuters. The suspension of China's zero-COVID policy earlier this month coincided with Tesla's most recent production cuts in Shanghai, which led to an increase in infections. Like other automakers, Tesla has seen a drop in demand in China, the largest vehicle market in the world. The EV behemoth has reduced the price of the Model 3 and Model Y in China by up to 9% in addition to an insurance subsidy. According to information from the brokerage China Merchants Bank International, Tesla's average daily retail sales in China from December 1 through December 25 decreased 28% from the prior year (CMBI).