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.
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. Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's bleak forecast.
Onsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees"increasing risk to automotive demand due to high interest rates."