Shares of Tesla Inc. TSLA 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. That puts the stock on track for a third-straight monthly decline and the worst monthly performance since it plunged 36.7% in December 2022. In comparison, the Global X Autonomous & Electric Vehicles ETF DRIV has dropped 11.5% this month and the S&P 500 SPX has lost 2.8%. The stock sank 4.8% on Monday, after Japan’s Panasonic Holdings Corp. PCRFYJP:6752 cut battery production due to lower sales to Tesla. Disappointing earnings reports from On Semiconductor Corp. ON and Lattice Semiconductor Inc. LSCC, which make semiconductors for the auto industry, suggested the slowdown in EV sales is likely to continue into next year.
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