Tesla Stock Fell 3% As Slump In China Deliveries Caps Volatile Week
It's been a rough week for Tesla stock.Shares of the EV giant were on track for a weekly loss of nearly 9% after a third-party report pointed to a slump in China deliveries.Tesla's sales in China fell 11.5% on a year-over year basis in the month of January, while Chinese competitor BYD sales surged an annualized 47%, according to data from the China Passenger Car Association released on Friday.The data also showed deliveries of Tesla's Model 3 and Model Y vehicles made in China fell 32.6% from December. Tesla extended a 0% interest plan to spur sales through the month of January. Last year the company cut the price of its vehicles in China and other markets.The developments come after separate registration data showed Tesla sales in Germany plunged to their lowest level since 2021. Sales across other European markets also slumped, leaving investors to wonder whether CEO Elon Musk’s involvement in politics was turning off potential buyers. Read the latest financial and business news fr