Tesla and other electric vehicle stocks slide amid a global market selloff

Tesla (NASDAQ:TSLA) traded lower on Monday amid a global market selloff. The bloodbath started in Japan, where the Nikkei 225 Index plunged 13.2% for its worst session since the 2011 Fukushima nuclear meltdown. Adding to the concerns were the BOJ’s steps toward policy normalization, and it has translated into Japan’s world-beating rally this year being wiped out over the last several sessions. Circuit breakers were also activated for South Korea’s Kospi after the index rapidly dropped 8%, while Australia’s ASX 200 slid nearly 4% for its worst session since June 2022. S&P 500 futures were down 3.19% and Nasdaq 100 futures were off 4.84%.

Meanwhile, Tesla (TSLA) CEO Elon Musk stated over the weekend that the Federal Reserve should lower interest rates, calling their decision not to do so already “foolish” due to concerns of a financial slowdown. There was also a report that Tesla (TSLA) is making a renewed push into the Chinese automobile market by establishing a wholly owned subsidiary.

On Seeking Alpha, recent breakdowns from analysts on Tesla include articles from Hunting Alpha (Hold rating), Investing Group Leader The Value Portfolio (Strong Sell), and Dair Sansyzbayez (Strong Buy).

Shares of Tesla (TSLA) were down 7.68% at 7:01 a.m. after seeing 4.24% clipped on Friday. Rivian Automotive (RIVN) was down 10.25% in the premarket session, and Lucid Group (LCID) was 7.75% lower. Polestar Automotive (PSNY) was down 5.47% and Canoo (GOEV) was 5.61% lower. Elsewhere, QuantumScape (QS) showed a 7.49% decline.