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Tesla shares are set to wipe out nearly one-fifth of their value in less than two weeks amid growing concerns that demand for electric cars is starting to weaken. The two-week slump has wiped around $130 billion off the company's market cap, with some reports indicating a valuation loss of $145 billion. Meanwhile, Chinese electric-vehicle makers, including BYD, delivered record numbers of EVs in October, with BYD delivering 165,505 battery electric vehicles, up 60% year over year. Chinese EV startups Xpeng and Li Auto also delivered a record number of cars in October, highlighting China's strong EV market. However, Tesla's China-made EV sales fell 2.6% from September. In other news, Apple is set to disclose its latest quarterly results, with expectations of a fourth consecutive quarterly sales decline, continuing a rare extended losing streak. Apple's stock has declined by 13% since it reported June quarter results. Additionally, China saw a 30.2% YoY increase in commercial vehicle exports in the first nine months of 2023. Chinese auto parts makers are also eyeing overseas markets amid the EV boom. Furthermore, China's service trade value grew 7.7% YOY in the first nine months of 2023, hitting 4.82 trillion yuan ($672 billion).
Tesla's Oct China-made EV sales fall 2.6% from Sept https://t.co/81yxPK9HQo https://t.co/i7NenDm9M7
In 50 Words: Chinese auto parts makers eye overseas markets amid EV boom https://t.co/tYzIpqssAl
EVs are the future of the auto industry. Here's how China's car companies built such a big lead https://t.co/h7MgIRZbPP
China saw strong overseas demand for China-made commercial vehicles, with #exports soaring 30.2% YoY to 549,000 units in the first nine months of 2023, the latest data showed. https://t.co/CaxcieWG0G
Apple stock is off 13% since it reported June quarter results. https://t.co/uCD9B1YitI
Chinese EV startups Xpeng, Li Auto deliver a record number of cars in October https://t.co/ez4DIUr7WV
BYD Gains on Tesla for EV Sales Crown With Another Record Month https://t.co/W1qzlxOIGB
EVs are the future of the auto industry. Here's how China's car companies built such a big lead https://t.co/t8gUOPcJtB
BYD delivered 165,505 battery electric vehicles in October, up 60% year over year. https://t.co/V7X2E2008j
Apple expected to post fourth consecutive quarterly sales decline Thursday https://t.co/VYYTZDuk3q
Apple expected to post fourth consecutive quarterly sales decline Thursday https://t.co/1Fb5xbOCg3
Apple will disclose its latest quarterly results Thursday afternoon, looking to snap its rare extended losing streak following its last earnings report. https://t.co/MADKV6Nv6v
Tesla shares are down roughly 18% since the company revealed its Q3 earnings on October 18th The two week slump has wiped around $130 billion off the company's market cap https://t.co/8if5bi61mk
China's service trade value grew 7.7% YOY in the first nine months of 2023, hitting 4.82 trillion yuan ($672 billion) during the period, data from the Ministry of Commerce showed. https://t.co/Xm91hE9iXL
BYD announces EV deals to finish year strong after record sales for a sixth consecutive month https://t.co/QQP5fthGgK by @scooterdoll
Apple's holiday-quarter forecast faces threat from Huawei, weak China market https://t.co/rQi1IXXeCq https://t.co/NOBeSRreTX
The three Chinese electric-vehicle makers deliver more than 76,000 units in October. https://t.co/baQgRSd6Wt
*TESLA HITS 5-MONTH LOW, DOWN 20% FROM Q3 EARNINGS, AMID FADING EV DEMAND $TSLA https://t.co/seVwXPcDBt https://t.co/8EPEgwub4R
Elon Musk Gets a Wake-Up Call as Tesla Valuation Falls 20% on Shrinking EV Demand https://t.co/HRaDHPReVR https://t.co/yG6fvrLpjj
"#Tesla shares are set to wipe out nearly 1/5 of their value in <2 weeks amid growing concerns that demand for electric vehicles is starting to weaken" https://t.co/zUl5yATUQD
(Bloomberg) - Tesla Inc. shares are set to wipe out nearly one-fifth of their value in less than two weeks amid growing concerns that demand for electric cars is starting to weaken $TSLA @business https://t.co/pfUtKEBEbr
Tesla Erases $145 Billion in Valuation on Demand Woes https://t.co/gRXpC32DOm
Tesla shares are set to wipe out nearly one-fifth of their value in less than two weeks amid growing concerns that demand for electric cars is starting to weaken. https://t.co/LHBfO9zRBD
Tesla hits 5-month low, down 20% from Q3 earnings, amid fading EV demand https://t.co/ZTW0oMBF9M
Tesla shares are set to wipe out nearly one-fifth of their value in less than two weeks amid growing concerns that demand for electric cars is starting to weaken. https://t.co/RiKlo4R2A3