Tesla stock hits 8-month low as Shanghai Gigafactory adds drag

Tesla stock hits 8-month low as Shanghai Gigafactory adds drag

Tesla's (TSLA) stock briefly dipped below the $700 level on Thursday, touching an 8-month low, amid an overall market rout and concerns of production stalls at the electric vehicle's Shanghai plant.

Shares of the electric vehicle (EV) maker have been under pressure recently after a Reuters report of a temporary production halt for some vehicles at the company's gigafactory in China because of problems securing parts.

The plant had already gone through delays of about three weeks in April due to Covid lockdowns in Shanghai.