Investing.com – Tesla shares fell to two-year lows Monday as the U.S.-China trade war knocked investor confidence in autos.
Tesla (NASDAQ:) fell to a two-year low of $225.81 before pairing some losses to trade at $226.05 at 1:09 PM ET (17:09 GMT).
Beijing announced Monday it was raising tariffs on $60 billion of U.S. products from June 1. While the list of 5,140 goods subject to levies does not include autos, many fear the escalation in trade tensions would hurt production and manufacturing decisions within the industry.
The plunge in Tesla comes at a tumultuous time for the automaker as it faces scrutiny from Wall Street about falling vehicle deliveries.
During the first quarter Tesla reported a wider-than-expected loss after deliveries for the quarter fell short of expectations. The automaker said it was aiming to return to profitability in the third quarter and to “significantly” lower its loss in the second quarter.
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