Tesla stock rout accelerates over recall, Covid in China, Twitter chaos
The electric-vehicle maker’s stock dropped as much as 6.5% to $168.52 in New York on Monday, on pace to close at the lowest since November 2020. Trader anxiety was higher after a city near Beijing returned to lockdowns, putting both production and sales at risk.Tesla’s shares have lost nearly half of their value in less than two months as supply-chain snarls mount, raw-material costs soar and potential buyers feel the squeeze of stubborn inflation and rising interest rates.
“Weakening macro data in China is leading to concerns on Tesla, who has already lowered price once to stimulate demand and has a heavy export output in the first half of fourth quarter,” Cowen analyst Jeffrey Osborne wrote in a Friday note. The company’s recent stock decline marks a major retracement of several milestones reached during its meteoric rise in 2020 and 2021.
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