Tesla's shares plummet again, sales in China fall further

  • Tesla’s monthly net orders in China dropped to about 9,800 in May from more than 18,000 in April
  • Tesla has now had recalls emerge on back-to-back days.
A Tesla logo. (File photo) (Reuters)
A Tesla logo. (File photo)

Tesla Inc. shares tumbled on a report that the electric-car maker’s Chinese orders dropped by almost half in May. The stock, which was already down more than 30% from the late January peak through Wednesday, fell 5.3% Thursday. The shares also slipped after a U.S. regulator disclosed recalls of more than 5,500 Model 3 and Y vehicles as well as almost 2,200 Model Ys over separate seat-belt flaws.

Tesla’s monthly net orders in China dropped to about 9,800 in May from more than 18,000 in April, according to The Information, a San Francisco-based tech news company, which cited a person with knowledge of the data. That’s just the latest in a string of reports that seem to suggest a sales slowdown in a country widely regarded as one of the most important markets for the industry.

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Dan Levy, an analyst at Credit Suisse Group AG, said Wednesday that Tesla’s market share in global electric-vehicle sales had dropped in April -- adding that the company lost ground in China, Europe and the U.S.

Tesla has now had recalls emerge on back-to-back days. The U.S. National Highway Traffic Safety Administration posted a notice Wednesday saying the carmaker will inspect, tighten or replace brake calipers that could be loose on almost 6,000 Model 3 and Y vehicles.

First Published Date: 04 Jun 2021, 16:11 PM IST
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