Tesla could be hurt by crashing oil prices

Over a week ago, before COVID-19 was classified as a pandemic, Russia and Saudi Arabia entered into a price war, forcing crude oil prices to plummet.

With the coronavirus pandemic limiting both business, leisure, and regular travel, globally crude oil is in for a world of hurt.

But with crashing oil prices will come even less demand for electric cars.

And that is not a good sign for Tesla (NASDAQ: TSLA).

As the stock market crash began in February, Tesla appeared to move with the market, with losses hovering right around the S&P average.

But as the market has started to shed growth stocks at a higher rate than the rest of the market, Tesla has been hit hard.

And with no sign of a price hike for crude oil and a potentially contracting economy forcing consumers into cheaper alternatives, Tesla could be in for a world of hurt.

Click here for more on why Tesla plummeted on Monday.