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

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..