Tesla shares slide; Musk promotes China chief

STORY: Shares of Tesla kicked off the new year with a huge selloff of more than 10% on Tuesday, extending a painful decline in 2022, when it lost 65% of its market value.

Tuesday's move lower comes after Tesla missed estimates for fourth-quarter deliveries.

Tesla has been slammed by lingering logistics problems and weakening demand amid rising interest rates and recession fears, as well as growing investor worries that CEO Elon Musk has become distracted by his recent ownership of Twitter.

The world's most valuable car company, which had a market cap of more than $1 trillion at its peak, is now trading at a valuation of about $390 billion.

That still makes it the world's most valuable automaker, even though its production is a fraction of rivals such as Toyota.

Global automakers have in the past few months battled a demand downturn in China, the world's largest auto market.

Reuters exclusively reported that Tesla's top executive in China Tom Zhu has been promoted to take direct oversight of the company's U.S. assembly plants as well as sales operations in North America and Europe.

That's according to an internal posting of reporting lines reviewed by Reuters and it makes Zhu, who helped Tesla's Shanghai factory roar back from lockdowns, the highest-profile executive after Musk.