Caixin
Nov 22, 2022 08:26 PM
BUSINESS

Tesla Rout Accelerates as China Covid Risk Returns

A badge on a Tesla Model 3 electric vehicle at a showroom in Shanghai on Oct. 16. Photo: Bloomberg
A badge on a Tesla Model 3 electric vehicle at a showroom in Shanghai on Oct. 16. Photo: Bloomberg

(Bloomberg) — The rout in Tesla Inc. shares is accelerating as a recall and signs of China’s return to “zero-Covid” curbs adds to a litany of investor concerns, with Chief Executive Officer Elon Musk focused on turning around Twitter Inc. 

The electric-vehicle maker’s stock dropped 6.8% at $167.87 in New York Monday, the lowest since November 2020. Trader anxiety was higher after a city near Beijing returned to lockdowns, putting both production and sales at risk. Tesla also initiated a recall of more than 300,000 cars due to faulty taillights. 

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