Tesla Stock Is Trading Lower: What's Going On?

Tesla Inc TSLA shares are trading lower Monday. New reports indicate the company's China-made EV sales are slipping. 

What To Know: According to a Reuters report citing the China Passenger Car Association, Tesla sold 74,073 China-made vehicles in September, marking a decrease of 10.9% on a year-over-year basis.

Some of Tesla's best-selling vehicles saw declines while EV competitors reportedly saw an uptick in sales last month. Model 3 and Model Y sales were down 12% from August to September. 

The news comes a week after Tesla reported third-quarter production and delivery numbers, which also disappointed investors. 

Last week, Tesla announced that it produced 430,488 vehicles in the third quarter, down from 479,700 in the second quarter, and delivered 435,059 vehicles, down from 466,140 in the previous quarter. 

Tesla said the lower production numbers were a result of planned downtimes for factory upgrades and noted that its 2023 volume target of around 1.8 million vehicles remained unchanged. 

Related Link: Here's How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019

Monday morning, Wells Fargo analyst Colin Langan maintained Tesla with an Equal-Weight rating and lowered the price target from $265 to $260.

Tesla is set to report third-quarter financial results after the market closes on Oct. 18. The company is expected to report quarterly earnings of 80 cents per share and revenue of $24.79 billion, according to estimates from Benzinga Pro.

TSLA Price Action: Tesla shares were down 2.26% at $254.65 at the time of publication, per Benzinga Pro.

Photo: courtesy of Tesla.