Reuters
Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
Panasonic said its production suffered from slowing uptake for high-end EVs in North America, echoing Tesla CEO Elon Musk’s comments from earlier this month that higher-for-longer borrowing costs would take a toll on vehicle demand. “Panasonic’s warning of soft demand for Tesla’s Model S and Model X cars has many concerned that global economic outlook could be in worse-shape than initially believed,” said Edward Moya, senior market analyst at Oanda. Earlier on Monday, General Motors reached a tentative deal with the United Auto Workers union, following deals by Ford Motor and Chrysler-owner Stellantis, and potentially putting an end to disruptions that some analysts had said could have given Tesla an edge.