Tesla sinks as report casts further shadow over China sales

(Bloomberg) – Shares of Tesla Inc. fell following a report that Chinese orders for the electric car maker fell by almost half in May.

The stock, which was already down more than 30% from the peak in late January through Wednesday, fell 5.3% on Thursday. Shares also fell after a US regulator disclosed the recall of more than 5,500 Model 3 and Y vehicles as well as nearly 2,200 Model Y for separate seat belt faults.

Tesla’s monthly net orders in China fell to around 9,800 in May, from more than 18,000 in April, according to The Information, a San Francisco-based technology information company, who cited a person with knowledge of the data. This is just the latest in a series of reports that appear to suggest a slowdown in sales in a country widely regarded as one of the most important markets for the industry.

Dan Levy, analyst at Credit Suisse Group AG, said on Wednesday that Tesla’s market share in global electric vehicle sales fell in April, adding that the company lost ground in China, Europe and the United States. .

Tesla has now seen reminders emerge on consecutive days. The U.S. National Highway Traffic Safety Administration issued a notice on Wednesday saying the automaker will inspect, tighten or replace brake calipers that could be released on nearly 6,000 Model 3 and Y vehicles.

(Update the movement of goods in the second paragraph.)

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