Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
© Reuters. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo) in being cautious about expanding electric vehicle production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand.
Musk's comments, which sent Tesla shares down more than 4% in after-market trading, come after warning bells from other automakers and EV startups. "It does highlight that there could be a slowdown in EV in the near term," said Tom Narayan, global autos analyst at RBC Capital Markets."But it has more to do with pricing and affordability than a rejection of EVs."
Reuters reported in July that the U.S. market was not growing fast enough to prevent unsold EVs from stacking up at some auto dealerships.
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