Attendees take photographs of the Tesla Inc. Model Y crossover electric vehicle during an unveiling event in Hawthorne, California. (Photographer: Patrick T. Fallon/Bloomberg)

Musk's Model Y Debut Leads to Tesla’s Worst Post-Party Rout

(Bloomberg) -- Tesla Inc. shares plunged 5 percent Friday, the worst rout for the stock following one of Chief Executive Officer Elon Musk’s parties to hype a new product or service.

The unveiling of the Model Y electric crossover was a more subdued affair than some of Musk’s past performances, and Tesla’s customer-deposit strategy rekindled concerns about the company’s cash position.

Tesla immediately began charging $2,500 to order a Model Y, which won’t be available for at least a year and a half. When Musk last debuted a vehicle for the mass market -- the Model 3 sedan -- Tesla took $1,000 reservations from consumers.

Musk's Model Y Debut Leads to Tesla’s Worst Post-Party Rout

Here’s how Tesla’s share reaction Friday compares with past moves a day after Musk, 47, has put on a show for customers:

Model Y unveiling (March 2019)-5.0%
Semi, Roadster event (November 2017)+0.8%
Model 3 handover (July 2017)-3.5%
Solar Roof debut (October 2016)-1.1%
Tesla Model 3 reveal (March 2016)+3.4%
Storage batteries debut (April 2015)Little change
Model S battery swap (June 2013)-1.1%
Model X unveiling (February 2012)-4.5%

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