Tesla Plunges 7% As Chair Sells $33M in Stock And Its China-Made EV Sales Fall 49.2% In February
Tesla shares plunged 7.1% in morning trading on Tuesday.
Tesla chair Robyn Denholm has sold about $33.7 million in the electric vehicle maker's stock, a filing with the Securities and Exchange Commission showed on Monday.
Denholm, who has been Tesla's board chair since November 2018, sold 112,390 securities in the automaker, according to the filing. She also sold the same number of securities last month for gross proceeds of about $43.2 million.
Meanwhile, Tesla sold 30,688 China-made electric vehicles in February, down 49.2% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Tuesday.
Deliveries of China-made Model 3 and Model Y vehicles fell 51.5% from the previous month.
BofA lowered the firm’s price target on Tesla to $380 from $490 and keeps a Neutral rating on the shares.
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