Shares of electric vehicle maker Tesla Inc.
TSLA,
dropped 1.6% toward a fifth consecutive decline in premarket trading Monday, in the wake of data showing that growth in automobile sales in China slowed sharply in March. Tesla’s stock sank 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day loss streak that ended Dec. 27, 2022. The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.4% growth in February, according to a Dow Jones Newswires report. Sales for the first quarter dropped 13.4% from a year ago, as January sales plunged 38%, the report said. Tesla recorded $18.15 billion in revenue from China in 2022, or 22.3% of total sales. Among China-based EV makers, shares of Nio Inc.
NIO,
shed 0.9%, Xpeng Inc.
XPEV,
lost 0.7% and Li Auto Inc.
LI,
gave up 1.0%. Tesla’s stock has soared 50.2% to date in 2023 through Friday, while the S&P 500
SPX,
has gained 6.9%.
Tesla’s stock falls toward 5th straight loss after slowing in China auto sales in March
