In recent years, Tesla has stormed from one all-time high to the next on the stock markets. But this year, the e-car maker’s shares are flying off the shelves in rows. The latest bad news is that the assembly lines at the company’s most important plant in Shanghai are at a standstill. The rivals are also suffering.
Tesla is threatened with another big daily loss on the US stock markets. After the announcement that the assembly lines at the Shanghai plant will be largely at a standstill in December and January, investors threw the papers of the e-car pioneer out of their portfolios in a high arc. In the meantime, the share plummeted by more than 10 percent to just over 105 euros. On December 1, one share was still worth more than 186 euros.
According to the Wall Street Journal, the former stock market darling is heading for its tenth loss in the past eleven trading days. Over the year as a whole, Tesla is one of the worst performers on Wall Street, with a drop of 69 percent.
Rivals suffer with
According to internal shift plans, Tesla will only produce at its most important plant from January 3 to 19 at the beginning of 2023. The company did not give a reason for this, but demand for the e-cars of the controversial billionaire Elon Musk in the world’s largest automotive market had recently declined noticeably. At the end of 2021 and 2022, the electric carmaker had no longer paused production in Shanghai.
The development is problematic for Tesla primarily because it seems to affect not only the Chinese market: Shortly before Christmas, the automaker had lowered the prices for its most popular models in the United States by several thousand U.S. dollars.
In Tesla’s wake, shares of Chinese e-car rivals Rivin and Lucid also lost between five and six percent. The waning interest also dampened sentiment on Wall Street as a whole: The Dow Jones index of blue chips and the broader S&P 500 opened little changed at 33,224 and 3843 points, respectively. The index of the technology exchange Nasdaq lost 0.3 percent to 10,462 points. The enthusiasm after the recent quarantine relaxations in China thus seems to pursue.
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