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In
an email sent to staff on Wednesday and reviewed by Reuters,
Musk said he believes that long term, Tesla will be the most
valuable company on earth.
He also urged employees to ramp up deliveries at the end of this
quarter, after the automaker offered discounts on its vehicles
in the United States and China.
"Please go all out for the next few days and volunteer to help
deliver if at all possible. It will make a real difference!" he
said in the email.
Analysts expect Tesla to deliver 442,452 vehicles in the fourth
quarter, according to Refinitiv data.
Tesla's plummeting share price has hurt the value of shares
owned by the EV maker's employees. Tesla has offered stock
compensation for most employees including factory workers.
The company's shares rebounded on Wednesday, following an 11%
slump in the previous session on a Reuters report that the
automaker planned to run a reduced production schedule in
January at its Shanghai plant. The news sparked worries of a
drop in demand in the world's biggest car market.
"Btw, don't be too bothered by stock market craziness. As we
demonstrate continued excellent performance, the market will
recognize that," he said.
"Long-term, I believe very much that Tesla will be the most
valuable company on Earth!"
Morgan Stanley analysts cut their price target on the stock to
$250 from $330, saying the last two years of demand exceeding
supply will be "substantially inverted to supply exceeding
demand" in 2023.
(Reporting by Hyunjoo Jin in San Francisco and Akash Sriram in
Bengaluru; Editing by Matthew Lewis and Anil D'Silva)
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