Tesla stock drops as Elon Musk's EV maker extends slowdown of Shanghai plant through January
its planned eight-day production stoppage a day early amid a surge in COVID-19 cases among workers and suppliers. , and a production halt won't impact the company's ability to meet orders.
Over recent months, global demand for Teslas have slowed, and China's auto market in particular has dragged to a crawl. China's car sales in November dropped 9.2% compared to 2021, official data shows. Meanwhile, Beijing has initiated a reopening of the economy and easing of lockdown policies, but COVID-19 infections have spiked across China, which have consequently weighed on Tesla. Earlier this year in April, the virus forced Tesla into similarElon Musk, for his part, has continued to face criticism and controversy with his newly acquired social media platform Twitter. The optics of his actions, analysts have warned, are bad for Tesla's stock price.
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