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%.
$Tesla Motors(TSLA)$
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