Tesla's Stock Falls toward 5th Straight Loss after Slowing in China Auto Sales in March

Dow Jones2023-04-10

Shares of electric vehicle maker Tesla Inc. TSLA dropped 1.9% toward a fifth consecutive decline in premarket trading Monday, in the wake of data showing that growth in automobile sales in China slowed sharply in March.

Tesla's stock sank 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day loss streak that ended Dec. 27, 2022.

The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.4% growth in February, according to a Dow Jones Newswires report.

Sales for the first quarter dropped 13.4% from a year ago, as January sales plunged 38%, the report said. Tesla recorded $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 shed 0.9%, Xpeng Inc. XPEV lost 1.36% and Li Auto Inc. LI gave up 1.0%.

Tesla's stock has soared 50.2% to date in 2023 through Friday, while the S&P 500 SPX, +0.36% has gained 6.9%.

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Comments

Longmanlee
2023-04-10
Longmanlee
Yeah... Dip more babe
Vincentan59
2023-04-10
Vincentan59
This too aggressive taught money can do wonder ???🙀🙀🙀🙀
Guavaxf30
2023-04-10
Guavaxf30
I suspected this. You don't go giving away margins fr nothing. The price cuts can only work if you completely kill off all competition. But now this is a case of see who will die first. But all will suffer.
- a4xrbj1:
  Has borging to so with that, its the macro situation and too many players in the Chinese market. There will be consolidation but Byd and Tesla will still lead in 2023 by far vs everyone else. Tesla has >20% profit margin so they can go a long way. Byd makes only <$1000 profit on each BEV.