Tesla’s stock falls to its fifth consecutive loss after a decline in China’s car sales in March
Published: April 10, 2023 at 07:25 ET
Shares of electric car maker Tesla Inc. fell 1.6% for a fifth straight decline in premarket trade on Monday, in the wake of data showing that growth in auto sales in China slowed sharply in March. Tesla shares fell 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day losing streak that ended on December 27, 2022. The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.4% growth in February, according to a report from Dow Jones Newswires. Sales for the first quarter…
Shares in the electric car manufacturer Tesla Inc.
TSLA
fell 1[ads1].6% for a fifth consecutive decline in premarket trade on Monday, in the wake of data showing that growth in auto sales in China slowed sharply in March. Tesla shares fell 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day losing streak that ended on December 27, 2022. The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.4% growth in February, according to a report from Dow Jones Newswires. Sales for the first quarter fell 13.4% from a year ago, when January sales plunged 38%, the report said. Tesla recorded $18.15 billion in revenue from China in 2022, or 22.3% of total sales. Among China-based electric car makers, shares of Nio Inc.
NINE
fell 0.9%, Xpeng Inc.
XPEV
lost 0.7% and Li Auto Inc.
LI
gave up 1.0%. Tesla’s stock has risen 50.2% year to date in 2023 through Friday, while the S&P 500
SPX
has increased by 6.9%.
