Shares of Tesla Inc. TSLA, -1.76% sank 2.8% in premarket trading Tuesday, after the electric vehicle maker extended the production suspension its Shanghai plant on Saturday as COVID infections surge in China. That puts the stock in danger of extending its losing streak to seven sessions, which would be the longest such streak since the seven-day stretch ended Sept.
5, 2018. Tesla's stock has dropped 21.9% over the past six sessions, to cut market capitalization by about $109.01 billion, to close Friday at the lowest price since Sept. 9, 2020.
Tesla's suspension of production at the Shanghai plant came a day earlier than planned, according to a report in The Wall Street Journal, while production was expected to resume on Jan. 2. China generated $5.13 billion in revenue from China in the third quarter, or 23.9% of total revenue of $21.45 billion.
The stock has plummeted 56.5% over the past three months through Friday, while the S&P 500 SPX, +0.59% has gained 5.4%