Hyperdrive
Tesla Shares Post Worst Week Since October as Sales Plunge
- The EV-maker’s shares trail rest of Magnificent 7 this year
- Stock is down 25% from a record high hit in December
This article is for subscribers only.
While Elon Musk has been generating headline after headline for his efforts to reshape the US federal workforce, the stock of his electric-car company just suffered its worst weekly performance since October.
Tesla Inc. shares tumbled about 11% this week, weighed down by shockingly bad sales reports from around the world. In Germany, sales plunged last month to the lowest since 2021, and they tumbled in France and the UK as well. The news from China, one of Tesla’s biggest markets, is also bleak. Deliveries fell 11.5% year over year — while the shares of Chinese competitor BYD Co. notched their best week since 2020 as investors cheered an update to its smart-driving technology.