Why Tesla Stock Keeps Going Down
Shares of Tesla (NASDAQ: TSLA) -- the world's biggest electric vehicle (EV) company -- fell for a seventh straight trading day on Tuesday as markets reopened. Through 10:40 a.m. ET, shares of the EV kingpin tumbled 6.8% from Friday's close, marking Tesla's 15th down day this month.
On Dec. 26, Reuters and The Wall Street Journal reported that Tesla will suspend for an eighth day its production at its Shanghai electric car plant, the largest in the world. Furthermore, Tesla told its employees it will not restart production in Shanghai until Jan. 2.
Soon after this report came out, China's Global Times reported a sort of non-denial denial from Tesla, calling reports of the suspension "inaccurate," while at the same time confirming them by saying the Shanghai plant is indeed conducting "annual maintenance work."
Source Fool.com
