Tesla shares slump as coronavirus hits China car registrations

Tesla shares slump as coronavirus hits China car registrations

ReutersFebruary 27, 2020, 12:33 PM EST

FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai

FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai

(Reuters) - Shares of Tesla Inc <TSLA.Ofell as much as 14% on Thursday on concerns about the impact of the coronavirus on the electric-car maker's vehicle registrations in China.

Data from LMC Automotive showed that 3,563 Tesla vehicles were registered in China in January, up from 853 vehicles a year earlier, but down from the 6,613 vehicles registered in December.

Tesla registrations fluctuate significantly from month to month, LMC data showed. The automaker typically delivers many more vehicles in the final month of a quarter than in the first month. In October 2019, Tesla owners registered just 763 vehicles, LMC data showed.

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Tesla did not respond to requests for comment.

The selloff in Tesla shares highlights the growing concern about the health of the Chinese auto market as the government and companies contend with the disruption of the coronavirus outbreak.

China Association of Automobile Manufacturers had earlier said https://in.reuters.com/article/us-china-autos/china-auto-sales-likely-tumbled-18-in-january-coronavirus-seen-taking-heavy-toll-idINKBN2070K3 that overall vehicle sales fell by almost a fifth in January, hurt by Lunar New Year holidays that started earlier than last year and by the coronavirus disruptions.

The electric-car maker said https://in.reuters.com/article/china-health-shanghai/shanghai-to-help-tesla-resume-production-amid-coronavirus-spread-idINKCN202060 earlier this month that the outbreak would delay deliveries of its Model 3 cars in China.

While the virus originated in China's Wuhan province late last year, local governments began imposing travel curbs and warning residents to avoid public spaces in the last two weeks of January.

Tesla shares were trading down at $685 and were set for their fourth consecutive session of losses. Tesla's stock has, however, jumped about 60% so far this year.

https://news.yahoo.com/tesla-shares-slump-coronavirus-hits-173302671.html

Bankrupt Boy Scouts may need to sell Norman Rockwell art to pay sexual abuse victims

Buried in the fine print of a document filed as part of the Boy Scouts of America bankruptcy last week is a brief mention of a potentially huge asset: "original Rockwell paintings."

The disclosure that the organization owns works by Norman Rockwell, the American painter and illustrator, is hardly a surprise since the artist and Scouts have been linked for more than a century. But the acknowledgment of those valuable assets, potentially worth millions to creditors, could set off a legal fight over their future.

With the Boy Scouts estimating they'll face about 1,700 lawsuits over alleged sexual abuse dating back decades, the nonprofit is under pressure to sell off its holdings to pay victims. By filing for bankruptcy, the organization has tried to provide itself a path to carry out that process in an orderly way.

The Boys Scouts of America declined to comment for this story.

https://www.usatoday.com/story/money/2020/02/27/boy-scouts-chapter-11-bankruptcy-rockwell-paintings-sexual-abuse-victims/4820331002/