Tesla (TSLA) shares dip as Panasonic announced production cut

Shares of electric vehicle maker, Tesla (NASDAQ: TSLA) dipped more than 5% Monday after Panasonic Holdings, a crucial supplier, revealed a reduction in automotive battery production during the September quarter. The announcement comes amidst growing concerns over a worldwide deceleration in EV sales.

Panasonic attributed its production decline to a decreased demand for high-end EVs in North America, aligning with Tesla CEO Elon Musk's recent statements suggesting that sustained elevated borrowing costs would impact the demand for vehicles.

Earlier in the day, General Motors (NYSE: GM) announced that they have reached a tentative deal with the United Auto Workers union, aligning with similar agreements reached by Ford Motor (NYSE: F) and Stellantis (NYSE: STLA), halting strike related disruptions at key facilities that some analysts believe could have given Tesla an edge.

However, since the UAW strike began, Tesla shares have fallen 34% compared with a 30%-33% declines in Ford and General Motors shares, and a 33% surge in Stellantis shares.

Shares of TSLA are down 5.44% in afternoon trading on Monday.

By Michael Elkins | [email protected]

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