Tesla Stock (TSLA) stocks plummeted below the $ 700 level on Thursday, affecting an eight-month decline, amid a total market and concern over manufacturing facilities in the Shanghai electric car industry.
Shares of electric vehicle manufacturers (EVs) came under pressure recently after a Reuters report on the suspension of production of some cars in the automotive industry in China due to problems in acquiring parts.
The plant had already been delayed for about three weeks in April due to the closure of Covid in Shanghai.
The stock has once again come under pressure after Bitcoin (BTC-USD) fell sharply this week. Tesla bought one cryptocurrency to hold on to its balance sheet last year.
EV manufacturer decreased by 38% year-on-year, while Nasdaq Composite (^ i XIC) decreased by about 27%.
Markets have been trading since the Federal Reserve began tightening monetary policy to control inflation.
Electric car stocks have strengthened during recent sales. Rivian (RIVN) has dropped by 75% year-on-year so far. On Thursday the first EV stock increased by 18% following quarterly results. The stock traded more than $ 23 each, which is a long way from its $ 179 high in November last year.
