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Tesla shares drop on report of steep May sales decline in China

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A Model Y vehicle displayed at a Tesla flagship store on Jan. 4, 2021 in Shanghai, China.

Gao Yuwen | Visual China Group | Getty Images

Tesla shares dropped more than 4% in mid-day trading Thursday after a report that the company’s vehicle orders declined steeply in China during the month of May.

The Information, citing a single source familiar with the data, wrote that Tesla’s “monthly net orders in China dropped to about 9,800 in May from more than 18,000 in April.” CNBC has not corroborated that report.

Tesla’s Shanghai factory is supposed to have the capacity to make around half a million electric cars a year for deliveries in China and exports to other parts of Asia and Europe.

Elon…



Source cnbc.com

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