Tesla Inc. shares are poised to end the first week of the 2023 with losses of about 10%, deepening the stock's dive in recent months and following news that...
Tesla Inc. shares are poised to end the first week of 2023 with losses of about 10%, deepening the stock’s dive in recent months and following news the electric-car maker further cut prices in China.
Tesla TSLA in December sold its fewest vehicles in China in about five months, down about 44% from November and 21% fewer vehicles than a year earlier. The EV maker also announced more price cuts in China. The stock was down 74% from its record closing high of $409.97 on Nov. 4, 2021. It is the most active stock in the S&P 500 index SPX and worst performer in the Nasdaq Composite COMP on Friday.Earlier this week, Reuters reported that Tom Zhu, Tesla’s top executive in China, took the reins of the U.S. factories as well as sales in North America and Europe.
Tesla Chief Executive Elon Musk has sold billions in its Tesla stock holdings to finance his buying of Twitter Inc. last year.
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