Tesla sinks after supply chain warning, hitting other EV makers

Chief Executive Elon Musk (pc) told a quarterly conference call that Tesla would not launch new models like Cybertruck this year because it would dent volume growth in the face of supply chain headwinds that would be alleviated only next year.He said Tesla would focus on ramping up volume of existing models in 2022 by more than 50% rather than launching new ones.

NEW YORK: Shares of Tesla Inc slid on Thursday, dragging down rivals after the leading electric car maker delayed releasing new vehicles until next year because of supply chain disruptions it said could last through this year.

Tesla's stock dropped 8%, down 30% from its record high in November and set for its biggest one-day percentage fall since then, after the U.S. company's strong quarterly report came with its supply chain warning.