Tesla Stock Hits Lowest Since 2017 On US-China Tariff Scare


One of the most heavily exposed U.S. firms operating in China, Tesla Inc. saw its share price fall sharply by as much as 6.3% to $224.50 Monday. It was the stock’s lowest intraday level since January 2017.
Tesla’s stock closed the day at $227.01, down 5.2 percent. It suffered further losses in after-hours trading and sank to $226.25, down a further 0.33 percent. It led the 27-company Bloomberg World Auto Manufacturers Index down as much as 1.6% to the lowest intraday since Jan. 7.
Analysts noted that 2019 already has the makings of becoming the worst year yet in Tesla’s brief history. The only year in which the stock recorded an annual drop was 2016, when shares fell 11 percent.
Tesla took a beating after China on Monday levied 25 percent tariffs on $60 billion worth of American imports starting June 1. President Donald Trump is expected to again retaliate for this escalation by announcing plans to impose another 25 percent tariff on all remaining imports from China amounting to some $300 billion.
While the tariffs have yet to include motor vehicle imports, the ratcheting-up of the trade war means Tesla’s EVs could become more expensive over the coming months.

Read Full News : https://worldfoxnews.com/2019/05/14/tesla-stock-hits-lowest-since-2017-us-china-tariff-scare/

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