It was a rough week for Tesla stock (TSLA).
Shares of the EV giant posted a weekly loss of more than 10%, as a third-party report on Friday pointing to a slump in China deliveries sent shares down 3.3% on the week’s final trading day.
Tesla’s sales in China fell 11.5% on a year-over-year basis in the month of January, while Chinese competitor BYD sales surged an annualized 47%, according to data from the China Passenger Car Association released on Friday.
The data also showed deliveries of Tesla’s Model 3 and Model Y vehicles made in China fell 32.6% from December. Tesla extended a 0% interest plan to spur sales through the month of January. Last year, the company cut the price of its vehicles in China and other markets.
The developments come after separate registration data showed Tesla sales in Germany plunged to their lowest level since 2021. Sales across other European markets also slumped, leaving investors to wonder whether CEO Elon Musk’s involvement in politics was turning off potential buyers.
Tesla stock became one of the biggest winners of the «Trump trade» following the November presidential election as investors speculated the company would benefit from Musk’s close relationship with President Donald Trump.
Even though Tesla is down year to date, shares are still up more than 40% since Nov. 5, the day of the election.
Also on Friday the Department of Transportation said it would suspend federal funding for the buildout of electric vehicle chargers through the US. The agency said it will review the policies and new guidance is expected this spring.
Shares of charging station makers ChargePoint (CHPT), Blink (BLNK), and EVgo (EVGO) all tumbled.
Tesla has reportedly received an estimated $31 million in funding through the program as the rollout of charging stations has been a critical hurdle for widespread adoption of EVs.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
