Shares of Tesla Inc. TSLA, -4.79% slumped 0.6% toward a five-month low in premarket trading, to buck the gains seen in the broader stock market, as investors express growing concerns over the outlook for electric vehicle demand. The stock has tumbled 18.7% since the EV giant reported disappointing third-quarter results after the Oct. 18 close through Monday, and has plunged 21.1% in October.
In comparison, the Global X Autonomous & Electric Vehicles ETF DRIV, -0.29% has dropped 11.5% this month and the S&P 500 SPX, +1.20% has lost 2.8%. The stock sank 4.8% on Monday, after Japan’s Panasonic Holdings Corp. PCRFY, -2.50% 6752, -8.91% cut battery production due to lower sales to Tesla. Disappointing earnings reports from On Semiconductor Corp. ON, -21.77% and Lattice Semiconductor Inc. LSCC, -4.
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