Tesla shares fall to 2-and-a-half year low after China plunges, dragging Nio, XPeng and Li

Shares of Tesla Inc.
TSLA,
-2.90%

fell sharply in premarket trading on Friday, after the electric vehicle maker Discount in China Again, which also weighs heavily on rival electric vehicle manufacturers based in China. Shares of Tesla fell 5.1% before the open, putting them on track to open at their lowest price since August 2020. The sell-off took place even as futures contracts.
ES00,
+0.01%

for S&P 500
SPX,
-1.16%

0.1% increase. As of Thursday, it was down 10.4% since the start of 2023, following a record 65.0% annual decline in 2022. Tesla generated 24% of its total third-quarter revenue from China and the factory. in Shanghai the company produces more than half of the electric vehicles sold worldwide. Among Tesla’s China-based rivals, shares of Nio Inc.
NIO,
+2.16%

down 6.5%, XPeng Inc.
XPEV,
+2.94%

10.0% off and Li Auto Inc.
LI,
+0.26%

slipped 6.9%.