Here's Why Tesla Stock Is Dropping Again Today

(NASDAQ: TSLA) shares look to be heading for a ninth straight week of losses. After a sharp drop yesterday, the stock was down another 4.8% today as of 11:25 a.m. ET. Shares have been plunging as data on global sales have spooked investors.

News out of China today is escalating concerns over Tesla's electric vehicle (EV) sales. It's not related to its increasingly polarizing CEO Elon Musk or to geopolitics this time, though. It seems competitors may be making big strides in two key areas.

Most of Tesla's Chinese competitors don't come close in sales and production volumes. BYD is the exception. BYD even delivered more battery electric vehicles than Tesla in the fourth quarter. Now the Chinese EV maker is coming out with a fast-charging system that it says can provide 400 kilometers (about 250 miles) of range in only five minutes.

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Source Fool.com