Shares of Tesla fell about
5% on Monday after key supplier Panasonic Holdings said
it cut automotive battery production in the September quarter,
cementing concerns of a global slowdown in.
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 te
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.
By Samrhitha A and Chavi Mehta (Reuters) - Big media firms are expected to warn starting this week that studio revenues will slow in the coming quarte.
The company on Monday named Richard Lynch, a director on BlackBerry's board, as interim CEO as it scouts for a permanent replacement. Chen will also relinquish responsibilities as board chair and will be succeeded to the position by Lynch. U.S.-listed shares of the company ended 6.5% higher, after the Global and Mail reported Chen's departure in late afternoon trading hours.