The stock of electric vehicle manufacturing giant Tesla Inc (NASDAQ:TSLA) has been on a downward spiral this morning following the emergence of fresh problems in its China business.
This morning the Passenger Car Association in China announced that the company sold a total of 25845 vehicles in the country during the month of April. That is a significant setback for Tesla since the figure represents a drop of 27% from the sales made in China during March.
In another report from a leading organization, it was mentioned that Tesla did not acquire more land adjacent to its manufacturing plant in Shanghai owing to the rising trade tensions between the United States and China. The company’s famed founder Elon Musk has been trying to control the damage in the company’s business in China. However, this morning he made headlines after he ran a Twitter poll in which he asked whether Tesla should start accepting payments through the cryptocurrency Dogecoin.
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