Tesla on track for 5th straight loss after China car-sales data
Shares of electric vehicle maker Tesla Inc.
dropped 1.6% toward a fifth consecutive decline in premarket trading Monday, in the wake of data showing that growth in automobile sales in China slowed sharply in March. Tesla's stock sank 10.8% over the past four sessions, and a fifth straight loss would represent the longest losing streak since the seven-day loss streak that ended Dec. 27, 2022. The China Passenger Car Association said overnight that passenger cars sold in China in March rose 0.3% to 1.59 million, compared with 10.
lost 0.7% and Li Auto Inc. LI, +2.33% gave up 1.0%. Tesla's stock has soared 50.2% to date in 2023 through Friday, while the S&P 500 SPX, +0.36% has gained 6.9%.
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