Tesla stock has hit a 2-year low and other EV-maker shares are tanking as well


Tesla Inc. shares on Monday were poised to end at a fresh two-year low, with shares of other electric-vehicle makers also underperforming the broader equity market as worries about China’s COVID-19 lockdowns re-emerged and oil futures prices dropped to their lowest level since January.

Shares of Tesla TSLA, -6.75% extended their losing streak to a fourth session and were on track for their lowest close since Nov. 20, 2020, when they closed at $163.20. The stock was the 10th worst performer in the S&P 500 index SPX, -0.45% and fourth worst in the Nasdaq 100 COMP, -1.11% — and the most active stock on both exchanges.

American depositary shares of several China-based EV makers, including Nio Inc. NIO, -4.49% and XPeng Inc. XPEV, -6.38%, also underperformed the broader market. In contrast, shares of General Motors Co. GM, -0.63% and Ford Motor Co. F, -0.36% merely edged lower.

The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF XLE, -1.87% looking at a four-week low.

Related: GM’s EV roadmap is ‘ambitious,’ but Wall Street doesn’t give it full credit just yet

Tesla’s underperformance as compared with the broader indexes holds on a monthly and yearly basis as well. The stock is down more than 25% so far in November and 52% this year.

If the trend continues, this would be the worst yearly performance for the stock on record.

The S&P has lost about 17% year to date and has clawed back to a 2% gain so far in November.

This article was originally published by Marketwatch.com. Read the original article here.

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