Tesla stock was falling in early trading Monday.
The electric-vehicle maker’s shares slipped 1.1% in the premarket, while futures on the S&P 500 fell 0.1%, as did futures for the Nasdaq Composite.
Tesla is coping with increasing competition and slowing demand growth for its vehicles. At around $170 now, Tesla stock is well off its 52-week high of $299.29 set last summer.
Tesla stock move came as Chinese EV maker BYD, which overtook Tesla as the biggest maker of electric cars in the fourth quarter, on Monday lowered the starting price of its Seal sedan by about 5%, Reuters reported.
Separately Nissan, the Japanese car maker, announced a new medium-term business plan that calls for a dozen new EV models and the reducing of production costs of its electric vehicles by 30% by 2030.
Shares of other Tesla peers were also moving. NIO shares were up about 0.6% in early trading, and Ford Motor stock was flat. General Motors stock was down 0.1% while Lucid stock was down 0.4% in premarket trading. Rivian shares slipped 0.7%.
Trading volume of 75.58 million at Friday close remained below its 65-day average volume of 104 million.