[２７日 ロイター] – The stock price of US electric vehicle (EV) major Tesla plunged 11.4% in trading on the 27th. Concerns about a drop in demand in China have increased after a Reuters report that the company plans to cut production at its Shanghai factory in January next year.
Stocks plunged to their lowest level in more than two years and recorded their biggest fall in eight months. The stock has fallen to less than half its early October level, amid growing concerns among investors that CEO Elon Musk is spending too much time managing Twitter and his Tesla stake sale.
The drop in production at the Shanghai factory comes amid the spread of the new coronavirus in China.
“There’s no doubt there’s a demand concern,” said Thomas Hayes, chairman of Great Hill Capital, referring to Chinese electric vehicle maker NIO lowering its delivery forecast.
He said Tesla stock faces a “worst-case scenario” of high interest rates, loss-taking by investors to save taxes and selling by some funds.
Prices for used Tesla cars are falling faster than other automakers, squeezing demand for new Tesla cars, according to a Reuters analysis.
