Tesla shares slumped to a 5th straight loss in March after China auto sales slowed

Published: April 10, 2023 7:25 am ET

Electric vehicle maker Tesla Inc. Shares fell 1.6% in premarket trading on Monday, heading for a fifth straight decline. Shares of Tesla have fallen 10.8% over the past four sessions, and a fifth consecutive loss would mark the longest losing streak since a seven-day losing streak that ended on December 27, 2022. Passenger cars in China were sold overnight, according to the China Passenger Car Association. A Dow Jones Newswires report said March rose 0.3% to 1.59 million, compared with 10.4% growth in February. Sales in the first quarter…

Shares of electric vehicle maker Tesla Inc.

D.S.L.A

It fell 1.6% in premarket trade on Monday, heading for a fifth straight decline, on the back of data showing China’s automobile sales growth slowed sharply in March. Shares of Tesla have fallen 10.8% over the past four sessions, and a fifth consecutive loss would mark the longest losing streak since a seven-day losing streak that ended on December 27, 2022. Passenger cars in China were sold overnight, according to the China Passenger Car Association. A Dow Jones Newswires report said March rose 0.3% to 1.59 million, compared with 10.4% growth in February. Sales fell 13.4% in the first quarter, as January sales fell 38%. Tesla projects $18.15 billion in revenue from China in 2022, or 22.3% of total sales. Among China-based EV makers, shares of Nio Inc.

NIO

0.9%, Xpeng Inc.

XPEV

Li Auto Inc. lost 0.7%.

LI

1.0% yielded. Tesla’s stock is up 50.2% year to date Friday, while the S&P 500

SPX

See also  The Persistence rover experiment is the last time oxygen is produced on Mars

increased by 6.9%.

Leave a Reply

Your email address will not be published. Required fields are marked *