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Tesla Shares Drop Most in Three Weeks on Market-Share Loss
- Market share fell to 11% in April, Credit Suisse says
- Shares drop as much as 4% despite broader market’s advance
Photographer: Odd Andersen/AFP/Getty Images
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Tesla Inc. shares fell by the most in three weeks, sitting out of the broader market’s advance, after electric-vehicle sales figures showed a loss in global market share for April.
The drop adds to pressure on Tesla’s stock in recent months as investors eyed growing competitive threats, an ongoing chip shortage, multiple crashes, signs of a slowdown in China sales and a potential delay to a factory in Germany. The Wall Street Journal also reported that U.S. regulators warned Tesla last year that Chief Executive Officer Elon Musk’s tweets had twice violated a court order.