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.
