{"id":216190,"date":"2024-03-22T20:32:40","date_gmt":"2024-03-22T20:32:40","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/22\/elon-musks-250-billion-tesla-losing-streak-takes-another-lurch-downward-on-reports-of-a-production-cut-at-his-china-plant\/"},"modified":"2025-06-25T17:20:06","modified_gmt":"2025-06-25T17:20:06","slug":"elon-musks-250-billion-tesla-losing-streak-takes-another-lurch-downward-on-reports-of-a-production-cut-at-his-china-plant","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/22\/elon-musks-250-billion-tesla-losing-streak-takes-another-lurch-downward-on-reports-of-a-production-cut-at-his-china-plant\/","title":{"rendered":"Elon Musk\u2019s $250 billion Tesla losing streak takes another lurch downward on reports of a production cut at his China plant"},"content":{"rendered":"

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Tesla\u2019s no good, very bad year got even worse on Friday following reports that Elon Musk\u2019s EV powerhouse was cutting back production at its China plant.<\/p>\n

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Tesla trimmed the output at its plant in Shanghai (which produces for both domestic and international markets) starting earlier this month and has asked employees to work fewer days, Bloomberg reported<\/a>, citing people familiar with the matter.<\/p>\n

The company\u2019s stock is already down more than 31% since the start of the year and fell as much as 4% in intraday trading on the China reporting, before rebounding slightly. Shares were down just under 2% as of Friday afternoon. Year-to-date, the S&P 500 is up about 10%.<\/p>\n

Several setbacks over the past few months have taken a nearly $250 billion bite out of the company\u2019s market cap.\u00a0<\/p>\n

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