Tesla Inc. stock on Monday ended at a fresh two-year low, going against broader market strength and as December losses look poised to match November’s and October’s double-digit declines.
Investors remain concerned about Tesla’s production, particularly in China, even though the company has denied earlier reports that suggested production cuts in the world’s biggest auto market.
The EV maker launched its electric commercial truck on Dec. 1, but the Tesla Semi’s start of production failed to act as a catalyst for the stock, which has fallen five out of the seven most recent sessions.
Last week, one of the last remaining Tesla “bears” called attention to Tesla’s recent price cuts on vehicles sold in the U.S. and China, saying they pointed to a possible demand problem that could go into 2023 and cut down on the electric-vehicle maker’s margins.
Tesla stock has lost 53% so far this year, compared with losses of around 16% for the S&P 500 index. SPX,
If the trend holds, 2022 would be Tesla shares’ worst yearly performance on record. The stock has fallen nearly 60% from its record close of $409.97 hit on Nov. 4, 2021, and is down 58% from its 52-week closing high of $399.93 on Jan. 3.