Tesla Shares Slide After China Deliveries Fall Sharply in December -- WSJ

The Wall Street Journal · 01/06/2023 07:47

By Caitlin McCabe

Tesla shares fell in premarket trading Friday, extending their recent declines, after the company delivered far fewer China-made electric vehicles in December (https://www.wsj.com/articles/teslas-china-deliveries-fell-sharply-in-december-despite-discounts-11672921749?mod=article_inline) than in November.

Shares recently stood 5.7% lower at $104.04.

After wrapping up 2022 with its worst performance on record, Tesla's stock has fallen more than 10% in the first three sessions of 2023. That makes Tesla the second-worst performer so far this year in the S&P 500, trailing only energy company APA.

The company's stock was a high-flyer during the Covid-19 pandemic but Tesla now faces a range of problems. Higher interest rates have diminished the allure of growth stocks, while demand for Tesla's vehicles has cooled.

Investors have also become increasingly frustrated (https://www.wsj.com/articles/tesla-investors-voice-concern-over-elon-musks-focus-on-twitter-11670948786) by Chief Executive Elon Musk's involvement with Twitter, which he purchased last year.

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January 06, 2023 07:47 ET (12:47 GMT)