The slump in the shares of the electric car manufacturer began before the start of the session and was exacerbated by the announcement by the American carmaker General Motors (GM) that it had agreed on a strategic partnership with the electric truck manufacturer Nikola. The companies stated in a joint announcement that by the end of 2022, they will start producing pick-ups with electric and hydrogen propulsion. The car was named Badger.
Shortly after 5:00 p.m. CET, GM shares gained 8.6 percent, while Nikola’s stocks rose 40 percent.
Analysts have been waiting for Tesla to get into the S&P 500 index. The company announced its fourth consecutive profitable profit in July, thus removing the biggest obstacle to its eventual inclusion.
Instead, S&P Dow Jones Indices included online retailer Etsy, semiconductor maker Teradyne and pharmaceutical technology company Catalent.
The listed companies are smaller than Tesla, but have a more consistent period of profitability. For example, Etsy reported 13 profit quarters in a row.
“On the one hand, the decline in shares stems from the fact that Tesla was not included in the S&P 500, but on the other hand represents a decline in the normalization of the company’s valuation,” said analyst Frank Schwope of Nord LB.