To The Moon

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

$Tesla Motors(TSLA)$   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 $XIAOMI-W(01810)$  .

Tesla shares slid 1.4% in the premarket to $172.84, while futures on the $S&P 500(.SPX)$   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. $NIO Inc.(NIO)$   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. $Rivian Automotive, Inc.(RIVN)$  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.

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