tesla stock rout accelerates over recall, covid in china, twitter chaos

The rout in Tesla shares is accelerating as a recall and signs of China’s return to Covid Zero curbs adds to a litany of investor concerns, with Chief Executive Officer Elon Musk focused on turning around Twitter Inc.

The electric-vehicle maker’s stock dropped as much as 6.5% to $168.52 in New York on Monday, on pace to close at the lowest since November 2020. Trader anxiety was higher after a city near Beijing returned to lockdowns, putting both production and sales at risk. Tesla also initiated a recall of more than 300,000 cars due to faulty taillights.

tesla stock rout accelerates over recall, covid in china, twitter chaos

Tesla’s shares have lost nearly half of their value in less than two months as supply-chain snarls mount, raw-material costs soar and potential buyers feel the squeeze of stubborn inflation and rising interest rates.

On top of that, Musk has been preoccupied by his newly acquired social-media platform, leaving some investors to worry that Tesla’s strategy may fall to the wayside.

“Weakening macro data in China is leading to concerns on Tesla, who has already lowered price once to stimulate demand and has a heavy export output in the first half of fourth quarter,” Cowen analyst Jeffrey Osborne wrote in a Friday note.

The analyst added that hedge funds seem to be shifting to a negative bias on the stock due to risk there’s been “a loss of focus” on Tesla since Musk acquired Twitter.

The company’s recent stock decline marks a major retracement of several milestones reached during its meteoric rise in 2020 and 2021.

Tesla was supplanted as the fifth-most valuable company on the S&P 500 Index by old-economy stalwart Berkshire Hathaway Inc. earlier this month.

The car company, which lost its trillion-dollar-valuation status in late April, only needs its shares to tumble another 6.5% from current levels for the valuation to drop below $500 billion.

Keyword: Tesla stock rout accelerates over recall, Covid in China, Twitter chaos

CAR'S NEWS RELATED

Elon Musk Said To Bring Tesla China Head To Oversee Giga Texas Ramp

Tom Zhu was also mentioned in a report yesterday as the potential successor to Elon Musk as Tesla CEO.

View more: Elon Musk Said To Bring Tesla China Head To Oversee Giga Texas Ramp

Elon Musk’s three prerequisites for a new Tesla Model 3 have been met

Texas and Berlin Factories Model 3 cannot be a majority of Tesla’s volume Elon Musk listed three prerequisites Tesla would have to accomplish before overhauling the Model 3’s design. They have now been met, and with reports of “Project Highland” funneling through the automaker’s future plans, the stage is ...

View more: Elon Musk’s three prerequisites for a new Tesla Model 3 have been met

Musk taps Tesla's China chief to run Texas gigafactory, says Bloomberg News

Zhu, who joined Tesla in 2014 and is heading Tesla’s Asia Pacific operations, is in Austin, Texas, this week. — Visual China Group/Bloomberg AUSTIN: Tesla Inc chief Elon Musk has roped in longtime executive and the company’s president in China, Tom Zhu, to help run the carmaker’s new plant ...

View more: Musk taps Tesla's China chief to run Texas gigafactory, says Bloomberg News

VW ID.Buzz completes Euro NCAP testing, falls behind in key category

The VW ID. Buzz has passed its Euro NCAP safety testing with flying colors ahead of its market debut next year. Volkswagen’s hotly anticipated VW ID.Buzz is coming to market next year. With thousands already reserved, many will likely be excited to hear that the upcoming vehicle has scored fabulously ...

View more: VW ID.Buzz completes Euro NCAP testing, falls behind in key category

Elon Musk could use Tesla margin loans to cut risky Twitter debt

Elon Musk’s bankers are considering providing the billionaire with new margin loans backed by Tesla Inc. stock to replace some of the high-interest debt he layered on Twitter Inc., according to people with knowledge of the matter. The margin loans are one of several options the Morgan Stanley-led bank ...

View more: Elon Musk could use Tesla margin loans to cut risky Twitter debt

BYD Exec Doesn't Consider Tesla A Rival, But Rather, ICE Cars

The BYD VP admits that Tesla is opening people's eyes to EVs and potentially helping other EV producers.

View more: BYD Exec Doesn't Consider Tesla A Rival, But Rather, ICE Cars

Lucid Motors adopting assertive tactics to save Air sedan orders: report

The year is coming to an end, and electric vehicle maker Lucid Motors is under pressure to deliver as many vehicles as possible. This has reportedly resulted in the company adopting a rather assertive strategy in an effort to save Lucid Air orders that are being canceled. Lucid has ...

View more: Lucid Motors adopting assertive tactics to save Air sedan orders: report

Tesla Defends Its Self-Driving Goals And Progress Amid Lawsuit

The company asked for the case to be dismissed, stating that not achieving long-term goals quickly enough isn't considered fraud.

View more: Tesla Defends Its Self-Driving Goals And Progress Amid Lawsuit

Tesla bulls call for retail investors presence in TSLA Board of Directors

New baby Tesla electric car to target VW ID.3

Tesla China delivers 62,493 vehicles domestically in November, becomes largest NEV exporter

Tesla China top exec Tom Zhu is aiding Giga Texas’ ramp: report

Relativity Space’s first 3D-printed rocket goes vertical for launch debut

Car makers’ electric vehicle plans for 2022 and beyond

Drivers retreat to cars parked outside homes for solace during lockdown

Bankers ponder Tesla margin loans to replace Musk’s high-interest Twitter debt: report

Tesla Chief Designer Franz von Holzhausen among featured designers in new Peterson Museum auto design course 

Lucid Air awarded 5-star Euro NCAP safety rating

SpaceX files FCC request to put payloads on satellites for direct-to-cell system with T-Mobile

Teslas Might Qualify for an EV Tax Credit Again in 2023—but You Might Not

OTHER CAR NEWS

;
Breaking thailand news, thai news, thailand news Verified News Story Network