May 22, 2022


Half the Automotive

Tesla Stock Slides As China Car Sales Slump Amid Covid Clampdown

Updated at 10:00 am EST

Tesla  (TSLA) – Get Tesla Inc Report shares slumped lower Monday after data showed car sales in China fell for the first time in three months as the country’s ‘zero Covid’ policy shutters factories and limited consumer and business activity in the world’s largest auto market. 

The China Association of Automobile Manufacturers said March sales fell 11.7% from last year to 2.23 million units, a notable slump when compared to the near 19% gain recorded over the month of February.

Tesla, which relies on both China sales and production of its Shanghai gigafactory ahead of ramp-ups at new production facilities in Berlin and Austin, produced 55,462 units in March, compared to 55,308 in the Lunar New Year-shortened month of February and 68,117 to start the year in January. 

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