Tesla Stock Heading for Worst Year On Record
Tesla shares lost 11% on Tuesday, and are down 44% now in December. Investors have retreated from the stock due to mounting challenges at Tesla’s home and abroad, as well as Elon Musk continuing to spend a lot of time on Twitter. Multiple news outlets reported new problems for Tesla production in China as the automaker struggles in North America and China to attract buyers.
Tesla’s On Tuesday, the stock fell 11% as the selling intensified. Elon Musk’s Electric car company is on the verge of closing its worst month, quarter, and year ever. Meta To be the worst performing stock among the most valuable tech company stocks in 2022
The latest drop occurs after The Wall Street Journal Tesla announced that it will continue its week-long production halt at Shanghai, and will face a fresh slew of Covid cases from its Chinese workforce.
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Reuters reported The plant in Shanghai will reopen in January. It will only be open for 17 days. This is a change from Tesla’s usual practices. Shanghai has been hit by another wave of Covid infection this month.
Tesla shares have dropped 73% from November 2021’s record high. The stock is down 69% by 2022, which is more than twice as much as the Nasdaq decline. The following are the top-rated carmakers: Ford It is down 46% General Motors It has dropped 43% Tesla has seen a drop of 11% in 2016 since its IPO in 2010.
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