Tesla stock slides to 52-week low

Shares of Tesla have dipped to a 52-week low amid concerns over China economic woes.

Video Transcript

JARED BLIKRE: You can see all that red on your page. I want to go to Tesla now, which also has some other news. It lowered the price of its Model 3 in China by about 5%. You can pick one up for about 37,600. Now, over the last year, look at the price action. And you can see that is from the upper left to the lower right. And it has now exceeded to the downside these lows that we had earlier in the year. So right now, perched at a pretty precarious level, I would say.

Here's a three-year chart. And you can see now in danger of violating this really big-- what might be considered a topping formation here. If that is a topping formation, considerable downside remains. However, if it were to launch from here, given all this price history around, let's say, 170 to 175, 200, it could mark a bottom. But only price action going to tell, Dave.

DAVE BRIGGS: Still a stock that was down 47% year to date prior to this news out of China, as you think a lot of the bad news is already baked in there. I've just had a little counter story. Reuters reporting today Toyota may entirely retool their entire EV program with sights set on catching Tesla, but literally going back to the drawing board, which is a fascinating development there.