Tesla shares dropped by over 13% yesterday, amid continuing concerns about the coronavirus outbreak and a steep drop in oil prices.
Tesla‘s stock has proven reliable to investors, as it steadily grows in line with rising demand for electric cars. However, few companies are entirely unscathed by the Coronavirus pandemic and Tesla is no exception, though a recent announcement from CEO Elon Musk may help turn the tides.
Crashing oil prices and aforementioned global disease knocked 13% off Tesla’s share prices on March 9, as CNBC reports, with the Nasdaq Composite index — on which Tesla is listed — fell by 7.3% overall. However, by March 10, Tesla shares were over 10% higher.
The boost can be traced to a recent tweet from Musk, celebrating the Tesla employees as the company’s 1,000,000th car rolls out of its factory. Tesla only offers four models of electric automobiles — the Model 3 and S sedans and Y and X SUVs — making the landmark figure more impressive considering the concise selection. Deliveries of the Model Y are due to begin later this quarter, all but guaranteed to further bolster Tesla’s business.