Analysts point out that investors who have bet on the future envisioned by Tesla CEO Elon Musk are now demanding concrete results rather than just "promises."
Tesla shares plummeted 14.5% in a single day on the 23rd local time.
This wiped out approximately 215 billion dollars in market capitalization, exceeding 300 trillion won in Korean currency.
Investment sentiment froze rapidly as second-quarter earnings fell short of market expectations and free cash flow turned negative for the first time in two years.
Concerns over cost burdens across big tech companies due to expanded AI investments also fueled the stock decline.
During the earnings conference call, many projected that setbacks would be inevitable for the new business schedules that Musk has touted as future growth engines.
The robotaxi service, which was slated to expand to up to half of the United States within the year, has entered a phase of adjusted pace, and the demonstration of the third-generation humanoid robot "Optimus" also hinted at the possibility of delays compared to the original plan.
While reaffirming the existing plan to begin production of the electric Semi truck by the end of this year—a project under development for several years—market reaction remained cold.
SpaceX, which entered the stock market last month, is in a similar situation.
Starting from an initial public offering price of 135 dollars and once surging past 225 dollars, the stock price has fallen by nearly half from its peak, dipping even below its IPO price.
Repeated postponements of test launches for Starship, its core project, played a major role.
The launch scheduled for the 16th was canceled due to a booster engine issue, and this week's test flight was also postponed due to worsening weather conditions in the Texas region.
Additionally, next month brings critical tests: its first earnings report since going public and the lifting of lock-up restrictions.
Concerns are rising that if the lock-up period restricting institutional and other holders from selling their shares is lifted on the 6th of next month, up to 911.5 million shares could become available for trading in the market, adding further downward pressure on the stock.
The Wall Street Journal evaluated that, unlike its days as a private company, SpaceX has now become a publicly traded company that must continually prove its quarterly earnings, profitability, and capital-raising capabilities.
Of course, Musk's long-term blueprints of AI, robotics, and the space industry have not vanished.
However, the market, which once assigned high valuations to future possibilities, has begun evaluating whether those promises actually translate into real sales and cash flow.
(Reported by Kim Minjeong | Video by Seo Byeong-wook | Design by Yang Hye-min | Produced by SBS Digital News)
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