U.S. Stock Movements | Tesla (TSLA.US) fell over 3% in pre-market trading amid pressure from multiple negative news reports.
On Tuesday, Tesla (TSLA.US) fell more than 3% in pre-market trading to $453.42.
According to Zhitong Finance, Tesla (TSLA.US) fell more than 3% in pre-market trading on Tuesday, trading at $453.42. The stock faced multiple negative factors. On one hand, it was reported that Tesla had been sued over a serious car accident that occurred in Wisconsin in 2024. In this incident, a Model S sedan caught fire, resulting in the deaths of all five passengers inside. The lawsuit claimed that due to a defect in the door design, passengers were unable to open the doors and escape after the accident. On the other hand, on November 4, Norway’s sovereign wealth fund rejected the $1 trillion compensation package for Tesla CEO Elon Musk, becoming the first major investor to make a decision on the proposal. The fund expressed concerns about the scale of the compensation package: “While we appreciate Musk’s visionary creation of significant value, we are concerned about the overall size of the rewards, the dilution effect, and the lack of measures to mitigate key-person risk.”
In addition, shipments from Tesla’s Shanghai factory declined again, further confirming market expectations that the electric vehicle manufacturer will face challenges in global sales in the last quarter of this year. According to preliminary data released by the China Passenger Car Association on Tuesday, the U.S. electric vehicle giant delivered a total of 61,497 vehicles in China in October, representing a nearly 10% year-on-year decrease. The data does not clearly distinguish between export and domestic sales proportions, but the majority of vehicles were supplied to local consumers in China.
