Why Tesla Shares Are Trading Lower Today

Tesla Inc TSLA shares are trading lower Monday morning following a report that all-brand vehicle sales in China were significantly lower month-over-month.

According to a Reuters report, citing the China Association of Automobile Manufacturers, total vehicle sales in China fell 11.7% in March after increasing 18.7% in February as lockdown measures in response to a COVID-19 surge prevented some people from shopping for cars.

Tesla's Gigafactory Shanghai was forced to shut down at the end of March following a citywide lockdown in response to the COVID-19 surge.

At the beginning of the month, Tesla announced that it produced over 305,000 vehicles and delivered over 310,000 vehicles during the first quarter, despite ongoing supply chain challenges.

Tesla is set to announce its first-quarter financial results after the market closes on April 20.

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TSLA Price Action: Tesla has traded between $546.98 and $1,243.49 over a 52-week period.

The stock was down 4.84% at $975.88 at press time, according to data from Benzinga Pro.

Photo: courtesy of Tesla.