Tesla stocks drop as China sales hit yearly low

07 Mar 2024 CW Team

Tesla shares plunged over 7% on Monday due to a slump in February sales in China, possibly influenced by Lunar New Year festivities, denting its global delivery prospects. This decline in its pivotal market comes amidst increased competition and demand challenges.

In February 2024, Tesla's China-made vehicle sales plummeted 19% year-on-year to 60,365 units, the lowest since December 2022. These vehicles, produced in Tesla's Shanghai factory, cater to local, European, and other global markets, comprising over half of Tesla's worldwide deliveries last year.

Closing at $188.14, Tesla shares have dropped 24% since the year's outset. Lunar New Year festivities in February dampened car sales, prompting Tesla to introduce price cuts and incentives to counter slowing demand and Chinese rivals like BYD, an automotive company. Wedbush analyst Dan Ives remarked, It's been a perfect storm of headwinds for Tesla in China, as the company unveiled new incentives, including insurance subsidies, to allure consumers in the world's largest auto market.

BYD, Tesla's Chinese competitor, launched a new car version at a lower price than its predecessor, escalating the price war. In the U.S., Tesla offered 5,000 free Supercharging miles for customers trading old vehicles for new ones by March 31. Analyst Troy Teslike revised Tesla's global delivery forecast for Q1 due to weaker-than-expected China sales, hinting at a potential demand issue.

Infrastructure Transport

04 Aug 2025

We aim to award road contracts worth Rs 3 trillion

India is accelerating its highway development with a sharper focus on execution speed, private participation, and quality. Shri Ajay Tamta, Minister of State for Road Transport and Highways of India, in an exclusive interview with Pratap Padode, Editor-in-Chief, Construction World, shares the Ministry's priorities and reform strategies. Excerpts from the conversation:In recent years, MoRTH has missed its annual road construction targets. How does the Ministry plan to make up for the backlog in awarding contracts and project execution?In recent years, the Ministry of Road Transport and Highways..

MOIL Posts Record July Production in FY26, Defies Weather Challenges

MOIL recorded a production of 1.45 lakh tonnes of manganese ore in July 2025, reflecting a robust 11.4 per cent increase over the corresponding period last year (CPLY).Demonstrating strong operational momentum, the company produced 6.47 lakh tonnes during the April–July 2025 period, up 7.8 per cent year-on-year. Sales stood at 5.01 lakh tonnes—10.7 per cent higher than CPLY. Exploratory drilling also rose to 43,215 metres, showing an 11.4 per cent improvement over the same period last year.Ajit Kumar Saxena, Chairman and Managing Director, congratulated the MOIL team for the remarkable per..

CIDCO Plans Long-Term Transit Vision for Navi Mumbai

The City and Industrial Development Corporation (CIDCO) has announced plans to prepare a Comprehensive Mobility Plan (CMP) for Navi Mumbai and the surrounding airport influence area known as NAINA (Navi Mumbai Airport Influence Notified Area). The CMP will serve as a strategic transport framework guiding infrastructure development through to 2054 and beyond.The long-term mobility roadmap aims to foster a sustainable, inclusive, and efficient transport system for one of India’s most rapidly developing urban corridors.“With upcoming developments such as the Navi Mumbai International Airport,..