China Order Report Drops TSLA Stock
Everybody rob our here and today we of course going to be discussing the information's report on net new orders for tesla in china during the month of may this report was published a couple of hours before market closed. The stock dropped dramatically. And of course it was quickly picked up by other means. That's as well so we'll discuss my thoughts on that. Then we also have a couple stories on recall. Some news from cat l. expanding in china an update on gigabyte lynn an update on the plaid model s. As we await the delivery event. One week from that are so tussle stock today starting out the day just fine trading a little bit below yesterday's close but not too far in early morning trading and then in the afternoon we saw a report from the information this was a couple of hours before market closed on as this report came out tussle dropped sharply about three percent in less than ten minutes and then continued to decline into close finishing the day down five point three percent to five hundred and seventy dollars four cents that compared to the nasdaq down one percent on the debt so that report is where we will start. The headline for this piece is quote. Tesla's china orders have in may internal data shows as crisis deepens and quote. They go on to write that quote. The company's monthly net orders in china dropped to about ninety eight hundred in may for more than eighteen thousand april according to a person with knowledge of the data the sharp drop reflected a drastic shift in chinese consumers appetite for tesla whose founder elon. Musk has celebrity status. Their orders in january after the release of the motto sub and then slowly eased off before cratering last month. In march tesla had twenty one thousand that orders even on a week over week basis order so far haven't shown any signs of recovery. This person set and quote. The rest of the article is then pay walled. But i did read the full article. There's nothing new in the rest of it. It's really just kind of detailing. The situation that has been unfolding in china. All stuff that we've talked about with the shanghai auto show protest the government wanting to meet with tesla. I think back in march just to talk about safety all things that we have followed as they have unfolded so nothing new in the rest of it.