Tesla slides with India pushing back on plan to sell imported vehicles
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Tesla (NASDAQ:TSLA) fell to a six-week low on Tuesday on strong volume in early trading.
Investors may be looking past Elon Musk's acquisition of Twitter and the latest Shanghai COVID developments to size up some potentially negative news out of India.
India transport minister Nitin Gadkari stated that Tesla (TSLA) is welcome to set up shop in India and make cars there for export, but that it cannot import cars from China to sell locally, per a Reuters report.
"Making in China and selling here is not a good proposition," noted Gadkari.
That policy is counter to Tesla's (TSLA) goal to import and sell its electric vehicles in India. The electric vehicle maker has also lobbied officials in New Delhi for nearly a year to cut tariffs, which Elon Musk has called out for being excessively high.
While the news from India was less than stellar, there was a positive tidbit out of Beijing for investors to latch onto. Notably, China's foreign ministry said there was no basis to the speculation that the Chinese government would try to use leverage over Tesla (TSLA) in order to influence content and policies around Twitter.
Shares of Tesla (TSLA) traded as low as $919.23 before recovering back a bit. TSLA slid below its 50-day moving average with the new round of selling pressure.