Tesla bounces back
REUTERS/Brendan McDermid
Tesla fell on Monday due to broad industry concerns over a slowdown in China's luxury car market, according to various analyses.
In recent weeks, luxury car makers such as Audi have scaled back Chinese sales projections.
This is mainly due to the country's slowing economic growth and an anti-corruption campaign that has put a damper on sales of flashy luxury cars.
In China, Tesla is exclusively a luxury car marque and is thought to be vulnerable to slowing market demand.
In other markets, the brand's $100,000 Model S is not seen as a pure luxury product, but rather an innovative alternative to Mercedes and BMW that operates in its own niche.
Until recently, shares of the car maker had been on a steady three-month long climb, after the stock declined to $185 in late March.
Tesla shares hit a recent high of $286 on July 20, following the release of a 90kWh battery pack option and a new Ludicrous Mode for the Model S.
On Monday, shares had closed at $253.
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- A millennial manager went viral after her Gen Z assistant picked up a work call while at the hair salon: 'Go off queen'
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Kia India looks to expand sales, service network to 700 touchpoints by year-end
- Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO
- Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?
- BenQ Zowie EC2-CW review – Premium wireless mouse for gamers
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings