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The electric vehicle sector started off the week rocky as investors showed caution with the macro backdrop weighing heavily.
Tesla (NASDAQ:TSLA -3.7%) fell back below $1,000 per share for the first time in three weeks with concerns over the supply chain building up again. Of note, COVID cases continue to spike in Shanghai and Beijing has not moved off a zero-tolerance policy.
Tesla’s (TSLA) Shanghai facility delivered 65,814 vehicles in March, according to data from the China Passenger Car Association released on Monday. For Q1, Tesla delivered about 182,000 vehicles from its Shanghai plant, which is just a bit over the 178,000 vehicles delivered in Q4.
The recent production shutdown at the Gigafactory site in Shanghai has investors edgy over what the Q2 tally will be with the COVID shutdown wildcard still very much in the mix.
Looking ahead, Elon Musk stated that the automaker will begin rolling out its next generation of products next year – including production of the Cybertruck (confirmed), as well as production of the Semi and Roadster (planned).
Volcon (VLCN -7.5%), GreenPower Motor Company (GP -7.7%), Electric Last Mile Solutions (ELMS -6.1%), Foresight Autonomous Holdings (FRSX -4.2%), Ouster (OUST -2.6%) and Arcimoto (FUV -4.0%) also showed losses on Monday within the EV sector.
Tesla (TSLA) is on Seeking Alpha’s Catalyst Watch this week.
