Tesla Stock Is Falling. It Has a New Competitor -- Xiaomi. -- Barrons.com

Dow Jones04-02

By Brian Swint

Tesla stock was declining in early trading Tuesday. On a day when it's reporting fresh delivery numbers, it's also getting a new competitor in Chinese firm Xiaomi.

Tesla shares slid 1.4% in the premarket to $172.84, while futures on the S&P 500 fell 0.1%, as did those on the Nasdaq Composite. Xiaomi, which just started shipping a competitively priced electric sedan with a design that echoes a Porsche, popped 9% in Hong Kong trading and has gained 22% in a month.

Xiaomi makes most of its money by selling smartphones. Its valuation now rivals General Motors and Ford.

Xiaomi is just the latest challenger to Tesla. BYD, China's biggest electric-vehicle maker, delivered more cars in the fourth quarter and on Monday reported 13% annual growth in all-electric vehicles in the first quarter. Tesla is expected to overtake BYD again when it reports deliveries Tuesday.

Shares of other Tesla peers were also moving. NIO was down 0.2% in early trading, and Ford Motor stock was little changed, as was General Motors. Lucid stock slipped 0.7% in premarket trading. Rivian shares retreated 0.8%.

Tesla stock is well off its 52-week high of $299.29, set last summer. Trading volume of 81.56 million at Monday close was 21 million below its 65-day average volume of 102.56 million.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 02, 2024 05:10 ET (09:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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On a day when it's reporting fresh delivery numbers, it's also getting a new competitor in Chinese firm Xiaomi. \n\n\n     Tesla ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2063271972.USD","symbol_name":"富兰克林创新领域基金","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2424098047","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2424098047","pubTimestamp":1712049000,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Tesla stock was declining in  early trading Tuesday. 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On a day when it's reporting fresh delivery numbers, it's also getting a new competitor in Chinese firm Xiaomi. \n\n\n     Tesla shares slid 1.4% in the premarket to $172.84, while futures on the S&P 500 fell 0.1%, as did those on the Nasdaq Composite. Xiaomi, which just started shipping a competitively priced electric sedan with a design that echoes a Porsche, popped 9% in Hong Kong trading and has gained 22% in a month. \n\n\n     Xiaomi makes most of its money by selling smartphones. Its valuation now rivals General Motors and Ford. \n\n\n     Xiaomi is just the latest challenger to Tesla. BYD, China's biggest electric-vehicle maker, delivered more cars in the fourth quarter and on Monday reported 13% annual growth in all-electric vehicles in the first quarter. Tesla is expected to overtake BYD again when it reports deliveries Tuesday. \n\n\n     Shares of other Tesla peers were also moving. NIO was down 0.2% in early trading, and Ford Motor stock was little changed, as was General Motors. Lucid stock slipped 0.7% in premarket trading. Rivian shares retreated 0.8%. \n\n\n     Tesla stock is well off its 52-week high of $299.29, set last summer. Trading volume of 81.56 million at Monday close was 21 million below its 65-day average volume of 102.56 million. \n\n\n     Write to Brian Swint at brian.swint@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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