Electric vehicles are often described as iPhones on wheels. After a horrible few months for Tesla shareholders, the question is just how far the comparison goes.
Tesla shares have roughly halved this year, worse than most of the EV maker’s big peers in both the auto and tech industries. Much of the underperformance has come in the past three months, amid two broad concerns. One is that demand for its products is no longer racing ahead of increasing supply, particularly in China. The other relates to risks surrounding Chief Executive Elon Musk’s purchase of Twitter, which came together in October.