Tesla
stock was falling in early trading Monday, heading for a downbeat start to the week.
The electric-vehicle maker’s shares were down 1.5% in the premarket, while futures on the
S&P 500
retreated 0.1% and those on the
Nasdaq Composite
hovered around flat.
The stock move comes as the price war in China continued.
BYD,
China’s leading electric-vehicle maker launched the latest version of its top-selling Yuan Plus crossover with a price 11.8% lower than that of the model it is replacing, according to Reuters citing a Wiebo post.
This comes after
Tesla
started offering Chinese car buyers an insurance subsidy on Friday, according to a Chinese language post on the company’s Weibo social media account, and latest data show Tesla picked up some market share from BYD In China. BYD’s Hong Kong-traded stock closed own 1%.
Elsewhere in the sector, investors in rival
Li Auto
may have cashed in on the big gains last week by taking profits. It closed down 10.7% on the Hong Kong market Monday and its U.S.-traded stock was falling 6.4% in the premarket. Another reason for the shares’ drop could be consumer disappointment over MEGA, its first full-electric model, which was launched on Friday, according to The Wall Street Journal.
In other news, court papers filed just before the weekend showed the lawyers who won the court case to void the large pay package for Tesla CEO Elon requested the presiding judge grant them $5.6 billion in Tesla stock to cover their legal fees, MarketWatch reported.
Shares of other Tesla peers were also moving.
NIO
stock was down 1.9% in early trading.
Lucid
stock was down 0.3% in premarket trading.
Rivian
shares were down 0.4%.
Ford Motor
and
General Motors
stocks were flat.
Tesla stock is well off its 52-week high of $299.29, set last summer.
Trading volume of 82.2 million at close remained 27.93 million below its 65-day average volume of 110.13 million.
Write to Rupert Steiner at [email protected]
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