Tesla reached August 2020 low, gives up most of pandemic gains

Lionel8383
2022-12-28

Tesla stock touched yet another multi-year low on Tuesday, leading a day of deep declines across the EV sector.

Shares of the Austin-based automaker slid over 9% on Tuesday amid reports of production pauses in Shanghai, bottoming at $111.60. The intraday low marked the lowest level for the stock since August 2020 and takes year to date declines to over 70%.

Adding to pressure on the sector was an adverse delivery outlook from Nio Inc, which signals yet more trouble for demand in the Chinese market. Shares of the Chinese EV maker slipped 8.48% into afternoon trading on Tuesday. Li Auto -1.78% and Xpeng -2.28% marked comparatively more modest declines, but still defied a generally positive day for China stocks amid the pullback of pandemic restrictions.

Alibaba gained 4.92%, Pinduoduo gain 1.39%,while Bilibili Inc gained 6.82% marking a strong green day for Chinese ADRs. KraneShares CSI China Internet ETF gained 5.05%.

$Tesla Motors(TSLA)$ 

$NIO Inc.(NIO)$ 

$Alibaba(BABA)$ 

$CSI China Internet ETF(KWEB)$ 

@TigerStars 

Tesla<US$160: Time to buy the dip?
Tesla closed below $170, the lowest since November 2020. Tesla’s shares have lost nearly half of their value in less than two months ----------- [TOPIC] What do you think of Musk reducing holdings in Tesla? Will you buy the dip or short Tesla? [REWARDS] Every post above 50 characters will get at least 50 tiger coins
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
28