A stock in Tesla was worth more than $400 in November 2021, at its highest point. In the meantime, 70 percent of that value has evaporated. A share traded Tuesday night at a closing price of $109.1. With this, Tesla continues the ride down hard with a new loss of 11.4 percent, a plunge to the lowest level since mid-2020. And the price also fell further in trading after the stock market closed.

According to news agency Reuters, the American electric car maker will keep production at its important factory in Shanghai at a low level in January by extending closures around the Chinese New Year celebrations, which start on January 22.

Last week, billionaire Tesla owner Elon Musk pledged not to sell shares of the electric vehicle maker by 2023. That will probably also be the case in 2024, Musk said during an audio session on the social media platform Twitter, which he also owns. That message does not seem to reassure investors. Musk sold billions of dollars worth of Tesla shares this year, a total of four times. However, he had also previously promised not to sell any more shares.

The proceeds of those sales were used, among other things, to finance the acquisition of Twitter: which cost Musk 44 billion dollars (converted about 41 billion euros). But the sales also plummeted Tesla’s market value to about $340 billion. In November last year, the car company was worth just over $ 1,200 billion.

In addition, Tesla is struggling with declining demand, partly due to high inflation. It is also suffering from increased competition as more and more traditional car manufacturers are launching electric models.