Tesla's Share Decline Accelerates as Hits Keep Coming: Chart
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A three-day plunge in Tesla Inc. has pushed shares below their 50-day moving average price, which had been a key level of support during this year’s rally that peaked two weeks ago. The tumble was triggered by disappointing second-quarter delivery numbers and exacerbated by the failure of its Model S to win a top safety designation, as well as Volvo Car Group’s announcement of a major electric-car push. This week’s 13 percent tumble cut Tesla’s market capitalization to $51.6 billion, making General Motors Co. the biggest U.S. automaker with a total value of $52.7 billion.