Tesla's stock closes at lowest in five months, as concerns about EV demand swirl
Shares of Tesla Inc. (TSLA) ended nearly 5% lower Monday, its lowest close since May 26, as the off-and-on downdraft since the company reported third-quarter results earlier this month continued. The drop was also the stock's largest one-day percentage decrease since Oct. 19, a day after the earnings report. Tesla at the time also sought to temper expectations about its newest model, the Cybertruck, and how long it would take for the company to reach volume production of the electric pickup truck. Also worrying investors on Monday was news that Japan's Panasonic (JP:6752), a Tesla battery partner, cut down on its domestic battery production, citing slower sales to Tesla. Confidence on a strong demand for EVs has been shaken in recent days, with Ford executives saying last week that EV owners are unwilling to pay a premium for EVs over internal combustion-engine cars. Tesla has gained 60% so far this year, however, compared with gains of around 9% for the S&P 500 index .
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-30-23 1715ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations