Tesla stock at two-year low, other EV-maker stocks tank as concerns swirl about China, oil futures

Tesla Inc.
shares and shares of other electric-vehicle makers underperformed the broader market in midday trading Monday, as worries about China’s COVID lockdowns were back to the forefront and oil futures prices dropped more than 5% to trade at 10-month lows. Tesla shares were on track for their lowest close in two years, down more than 5%. American depositary shares of China-based Nio Inc.

were down 5%, and competitor XPeng Inc.’s
ADRs fell more than 7%. General Motors Co.

and Ford Motor Co.
were down 1.2% and 0.4% respectively. The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF
looking at a four-week low.