Tesla shares sink pre-market on sharp drop in China sales

Shares of Tesla are trading at $272 in the pre-market, which is back to where they were before the election.

There are signs of a big drop in sales in North America and Europe but the bull case was that sales would remain strong in China as the company was less-politically exposed there.

That doesn’t appear to be the case as China’s Passenger Car Association reported that sales in the country were 30,688 in Februrary. That’s a drop of 49% compared to a year earlier when sales were 63,238.

Elsewhere it looks like sales are slowing even more rapidly with sales in Australia down 71.9% in February to just 1592 sales.

This article was written by Adam Button at www.forexlive.com.