Tesla tumbles to multi-year low, leading EV declines
SimonSkafar

Tesla (NASDAQ:TSLA) stock touched yet another multi-year low on Tuesday, leading a day of deep declines across the EV sector.
Shares of the Austin-based automaker slid over 9% on Tuesday amid reports of production pauses in Shanghai, bottoming at $111.60. The intraday low marked the lowest level for the stock since August 2020 and takes year to date declines to over 70%. 
Adding to pressure on the sector was an adverse delivery outlook from Nio Inc (NIO), which signals yet more trouble for demand in the Chinese market. Shares of the Chinese EV maker slipped 8.48% into afternoon trading on Tuesday. Li Auto (LI) -1.78% and XPeng (XPEV) -2.28% marked comparatively more modest declines, but still defied a generally positive day for China stocks amid the pullback of pandemic restrictions. 
Other notable decliners in the EV sector included Faraday Future Intelligent Electric -9.73%, Canoo Inc. (GOEV) -9.99%, Lordstown Motors (RIDE) -8.88%, Rivian Automotive (RIVN) -7.13%, Lucid Group -6.13%, Fisker (FSR) -5.71%, and Mullen Automotive (MULN) -5.2%. Trading volume on each is below typical levels amid the holiday week.
Meanwhile, the established ICE players, many of whom have invested heavily in EVs as well, marked far more modest declines. For example, Ford (F), General Motors (GM), Toyota Motor Corporation (TM), and Stellantis (STLA) each marked declines of less than 1% on Tuesday. 
Read more on Toyotaâs latest sales figures.