Fresh COVID-19 fears in China compound Musk’s own goal at Tesla

There’s no question that Elon Musk’s determined efforts to blow up $US44 billion via his ridiculous takeover of Twitter have weighed heavily on shares in electric vehicle giant Tesla in recent months.

Based on the numbers so far this year, Tesla will deliver about 1.3 million cars in 2022, with between 600,000 and 700,000 to be sold in China.in an effort to stimulate demand in the world’s biggest automotive market.To be clear, Tesla isn’t the only EV maker in China that is likely to have to cut prices, with China Merchants Bank International warning that a combination of increased competition in the EV market and a slower economy could create the conditions for a price war.

Oil and copper prices both dipped on Monday night on the news out of China, while iron ore also gave back some of the gains of recent weeks.Ironically, China’s latest COVID-19 surge comes just a week after Morgan Stanley, JPMorgan and Bank of America turned tactically bullish on China’s sharemarket, predicting solid gains into the end of the year. That thesis now looks under threat.

But Twitter is also a drain on Musk’s time and energy. And this is time and energy that should be poured into steering Tesla through a complicated environment.

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