Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
) Holdings said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle sales.
"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.Since the UAW strike began, Tesla shares have, however, fallen 34% compared with a 30% to 33% decline in shares of Ford Motor and General Motors, and a 33% rise in Stellantis's shares.
"ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. Weak demand will mount more pressure on Tesla's gross margin. It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China.
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