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

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Tesla Inc.
TSLA,
-6.84%

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.
NIO,
-4.30%

were down 5%, and competitor XPeng Inc.’s
XPEV,
-5.67%

ADRs fell more than 7%. General Motors Co.
GM,
-0.63%

and Ford Motor Co.
F,
-0.29%

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
XLE,
-1.35%

looking at a four-week low.

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