shares of the American electric car manufacturer Tesla fell by more than 15% last week closing at $21.99 after its CEO El musk expressed pessimism about the overall economy in a third quarter earnings call Tesla stock had its worst week this year although it is still up about 96% since the beginning of the year until now in the third quarter of this year Tesla recorded revenues $23.35 billion and profits of $1.85 billion which was less than expectations and low compared to the previous quarter and profits were lower than the same quarter of last year the electric car giant also announced the first quarterly decline in sales this year as it delivered 435,000 of its cars on the earnings call musk presented a very pessimistic view of the economy stressing that cutting costs and reducing prices will be necessary for Tesla in the coming quarters and he also repeatedly mentioned the impact of high interest rates on consumer confidence
