Tesla Shipments from its Shanghai Gigafactory Dropped 19% YoY in February

Today is the day. According to preliminary data from China's PCA (Passenger Car Association) via Bloomberg, Tesla (TSLA) shipped 60,365 vehicles from its Shanghai gigafactory in February. February's Tesla shipment total represents a 19% drop from the same month last year and the lowest shipment total since December 2022.

A demand and pricing issue is causing Tesla to reduce production at Giga Shanghai, according to Bloomberg. Tesla ordered employees to work 5 days a week instead of six.

Through Thursday, the last trading day of the first quarter, Tesla stock is down an eye-popping 29.3%, making it the worst-performing stock in the S&P 500. Meanwhile, the S&P 500 is actually up 10.2%, its best Q1 since 2019, which we mentioned in our previous flashnote.

For Tesla, a combination of poor guidance, a tough selling environment in China, and more drama from CEO Elon Musk led the EV maker, which topped $750 billion in market cap to start the year, to shed over $200 billion of that since January 1.