May 14, 2021
Tesla Inc. stock dropped on Tuesday after April’s sales in China were released. The company saw its sales drop sharply from March driven by public relations issues. April vehicles sold were 25,845 in China, down 27% from March. While electric vehicle sales were off by 12% nationwide in China, domestic EV makers such as Nio Inc., Xpeng Inc., and Li Auto Inc., saw prices climb as much as 1%. A handful of PR issues are troubling Tesla in China. These include basic safety issues, military spy noises, and a protester’s public display of allegations of faulty brakes. Additionally, Tesla is suffering like other auto manufacturers with worldwide chip shortages as a result the stock has more downward pressure.
(Las Vegas)
FINSUM + Magnifi: Tesla may need to directly address PR concerns in China. The country will be a very large player in the electric car market and already has domestic competitors ready to edge in on market share.
Other news today: Here is When a New Fiduciary Rule Will Hit and Top Fintech ETFs To Watch Out For
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