Tesla Motors Inc, the electric car maker, fell more than 15% in this trading session. It opened lower at $28.00 per share but quickly fell to mid $25 per share. More than 7.95M shares were traded by the noon. Stock has been trading in the mid 30′s but since the start of this month, it has been decreasing in value everyday due to rumors that company won’t be making any profit until 2013.
In late November, Tesla opened a Tokyo Showroom and has been expanding around the world. The stock has been increasing in value since it was listed on NASDAQ in late July of this year. The stock hit it’s highest point in late November at $36.42.
Tesla’s second electric car model is due to market in late 2012. A senior analyst told reporters that he doesn’t expect the company to report any profit until the year 2013 when the second model will be in markets.