Hyperdrive
Tesla Stock Has Never Been This Cheap — And It Could Still Drop Further
- Tesla trades at 29 times forward earnings, its lowest ever
- Market value dips below $500 billion for first time since 2020
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Tesla Inc. shares are trading at their cheapest ever by at least one measure as the electric-vehicle giant grapples with an array of challenges, from waning demand in China to investor concern over billionaire Chief Executive Elon Musk’s priorities.
The stock is now trading at 29 times projected earnings, according to data compiled by Bloomberg. While that’s still well above the S&P 500 Index’s 17 times forecast earnings, it’s the lowest since the company went public in 2010. The company’s market value fell below $500 billion for the first time since November 2020 Tuesday.