Shares of electric-car maker extend losing streak for a fourth session
Tesla Inc. shares ended at a fresh two-year low Monday, with shares of other electric-vehicle makers also underperforming the broader equity market as worries about China’s COVID-19 lockdowns re-emerged and oil futures prices dropped to their lowest level since January.
Shares of Tesla TSLA, -6.84% extended their losing streak to a fourth session and closed at their lowest close since Nov. 20, 2020, when they closed at $163.20.
The stock was the worst performer in the S&P 500 index SPX, -0.39% and second worst in the Nasdaq 100 COMP, -1.09% — and the most active stock on both exchanges.
American depositary shares of several China-based EV makers, including Nio Inc. NIO, -4.30% and XPeng Inc. XPEV, -5.67%, also underperformed the broader market. In contrast, shares of General Motors Co. GM, -0.63% and Ford Motor Co. F, -0.29% merely edged lower.
The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF XLE, -1.35% looking at a four-week low.
Tesla’s underperformance as compared with the broader indexes holds on a monthly and yearly basis as well. The stock is down more than 26% so far in November and 52% this year.
If the trend continues, this would be the worst yearly performance for the stock on record.
The S&P has lost about 17% year to date and has clawed back to a 2% gain so far in November.