Tesla’s stock is headed for its worst month, quarter, and year on record

Tesla shares dropped 11% on Tuesday and are now down 44% in December

Investors are bailing on the stock as challenges mount for Tesla abroad and at home, and as Elon Musk continues to spend an outsize amount of time at Twitter.

Multiple outlets reported fresh challenges for Tesla production in mainland China, as the automaker struggles to attract buyers in China and in North America.

Tesla’s sell-off intensified on Tuesday, with the stock closing down 11%. Elon Musk’s electric car company is days away from closing out its worst month, quarter and year on record and has moved past Meta to become the worst-performing stock in 2022 among the most valuable tech companies.

The latest drop comes after The Wall Street Journal reported that Tesla will continue a weeklong production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.

Tesla shares have fallen 73% from their record high in November 2021. The stock is down 69% in 2022, more than double the decline in the Nasdaq. Among major carmakers, Ford is down 46% and General Motors has fallen 43%. Since its IPO in 2010, Tesla has only fallen in one other year, an 11% drop in 2016.