Tesla Stock Suffers Worst Day In 5 Years After 7 Consecutive Weeks Of Declines (UPDATED)

Editor's Note: This article has been updated to include historical price action.

Tesla, Inc. TSLA shares are plunging Monday. The stock has been under pressure amid rising competition from Chinese electric vehicle (EV) manufacturers, declining demand in Europe and protests at Tesla facilities.

What To Know: Tesla shares are coming off their seventh straight week of declines, marking the EV maker’s longest losing streak since going public in 2010, according to CNBC. The stock is making headlines again on Monday with shares on track for their worst day since September 2020.

Tesla has faced increasing competition from BYD, one of its largest Chinese rivals, which recently reported a 127.5% jump in pure passenger EV sales to 124,902 units in February compared to the same month last year.

Tesla reported delivering 495,570 battery EVs in the final quarter of 2024, falling short of BYD's 595,413 battery EVs sold during the same period.

In Europe, the company’s sales dropped by about 45% for the month of January, according to Bloomberg. The American EV producer maintained its position as the world's largest battery EV seller for most of 2024, until the final quarter.

Tesla has also seen an increase in protests and incidents of violence at its facilities, linked to CEO Elon Musk‘s involvement with the Trump administration, according to CBS. Musk is the head of the Department of Government Efficiency which has cut thousands of jobs since it began operating.

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TSLA Price Action: Tesla shares closed Monday down 15.4% at $222.15, according to data from Benzinga Pro.

Image: via Shutterstock