Tesla Stock Tumbles Below Key Level As Chinese Demand Crashes
China orders for Tesla vehicles reportedly nearly halved in May, sending Tesla stock tumbling. That could be good news for EV rivals Nio, Xpeng and Li Auto.
Tesla orders nearly halved in May vs. April, the Information reported, citing internal data. That comes amid weeks of consumer complaints about Tesla safety and its response to criticism, heavily covered in state media.
In April, Tesla deliveries in China excluding exports fell by two thirds vs. March to 11,671, according to trade group data.
China has accounted for the bulk of Tesla’s growth since its Shanghai factory opened at the tail end of 2019.
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