Tesla (NASDAQ: TSLA) stock wasn't looking too grand or powerful in the first trading session after the President's Day market holiday. The electric vehicle (EV) king's shares took it on the chin, with investors trading them down by more than 5%. By contrast, the S&P 500 index "only" declined by 2% on the day.

This was mostly due to several pieces of bad news for Tesla. The first comes from China where the company's recently sold EVs notched a decline in total insurance registrations.

That wouldn't necessarily cause concern. However, Tesla's local rivals saw notable gains in that metric last week, according to statistics compiled by CNEV Post. BYD, which has gained renown lately because it remains a sizable equity holding of Warren Buffett's Berkshire Hathaway, led with slightly over 37,000 registrations. That was well over the 31,417 of the previous week.

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Source Fool.com