Tesla falls as Panasonic, Onsemi warn of slumping auto demand

Panasonic Holdings

30/10/2023 16:15

** Shares of electric vehicle maker Tesla  TSLA.O  fall 3.8%
to $199.41 after hitting more than 5-month low of $193.37
    ** Japan's Panasonic Holdings  6752.T , a Tesla supplier,
said it had cut automotive battery production in Japan in the
September quarter and shrank the division's annual profit
forecast by 15%
    ** Chipmaker Onsemi  ON.O  forecast a weak Q3 and slashed
900 jobs and sees hit to automotive demand due to high interest
rates
    ** Meanwhile, the United Auto Workers Union reached a
tentative agreement with General Motors  GM.N , two sources
familiar with the matter told Reuters, ending six weeks of a
coordinated strike against the Detroit Three automakers
    ** Up to last close, TSLA had fallen 24.5% since the start
of the strike on Sept. 15, but has gained ~68% so far this year

 (Reporting by Akash Sriram in Bengaluru; Editing by Shailesh
Kuber)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))