The stock is off $31.37 (-5.18%) at $573.75.
From ZeroHedge:
It looks like the nightmare in China for Tesla could still only be beginning. Shares were pummeled in mid-day trading on Thursday, falling sharply at about 1400EST on news that the company's orders in China have halved in May, according to The Information.
Scoop: Tesla's China orders down by 50% in May, we are told based on internal data. The company's China crisis continues. $tsla @JuroOsawahttps://t.co/sx67ACv8un
— Jessica Lessin (@Jessicalessin) June 3, 2021
....MORE
It is not as if this came out of nowhere. In May 29's "China Rattles Nuclear Sabre After Calls For Coronavirus Investigation" we linked to some of Jennifer Zeng's stuff, including:
Just as expected, @Tesla sold 25,845 units in April in #China, down 27 percent from 35,478 units in March. The #CCP always does this: "partner them to learn to do it alone." After it uses u, they abandon or kill u. See this for more: https://t.co/OLa6ykedQc https://t.co/7W07vcterg
— Jennifer Zeng 曾錚 (@jenniferatntd) May 29, 2021
Which had been preceded by:
May 11
"Tesla Shares Plunge Almost 7% After Company Reportedly Halts Plans To Expand In China" (TSLA)
May 9
Dear Elon: "China Tech Giants Bet $19 Billion on Global Electric Car Frenzy"
Mr. Musk is at risk of getting chastened by a combination of the Chinese communists and the Chinese capitalists.
April 28
Elon Musk and Tesla Have A Big Problem With China (TSLA)
And now the problem for the stock is that if it goes through $550 or so there may not be any buyers for quite a ways down:
Possibly as low as the gap at $400
