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24x7Report > Blog > Finance > Tesla stock closes below $200, hits 5-month low as a tough October rolls on
Finance

Tesla stock closes below $200, hits 5-month low as a tough October rolls on

Last updated: 2023/10/30 at 8:17 PM
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Tesla stock closes below $200, hits 5-month low as a tough October rolls on
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Tesla (TSLA) inventory dropped 4.8% on Monday, dropping beneath $200 and hitting lows not seen since late Might regardless of a broader market rally and rebound in beaten-down tech.

Two items of reports had been weighing on Tesla inventory. The primary is from Tesla battery provider Panasonic, which cut automotive battery production in Japan in its September quarter and guided its annual revenue forecast down by 15%, ostensibly from the results of a world slowdown in EV gross sales.

Panasonic makes battery cells for EVs for automakers throughout the globe, however within the US the Japanese firm companions with Tesla to provide cells on the Nevada Gigafactory.

That being mentioned, the corporate mentioned it lowered manufacturing in Japan and for international prospects, not for North American operations. Panasonic did drop provide of its 1865 EV batteries to Tesla throughout Q2; these older batteries are nonetheless utilized in Tesla Mannequin S and Mannequin X autos, which don’t qualify for Inflation Discount Act (IRA) EV tax credit.

“The IRA has a value ceiling as much as $80,000 and for the reason that high-end fashions exceed that degree, demand decreased,” Panasonic CFO Hirokazu Umeda said on Monday.

The second piece of doubtless unhealthy information for Tesla got here when chipmaker ON Semiconductor reported weaker-than-expected revenue and income steerage resulting from softening gross sales.

ON Semiconductor makes silicon carbide chips, which Tesla has been utilizing within the firm’s EV powertrain and different key elements. Silicon carbide chips typically stand up to extra warmth, are extra vitality environment friendly, and have an extended life expectancy than customary silicon chips. Traders could also be eyeing a drop in silicon carbide demand as a number one indicator in softness for EV gross sales, most notably Tesla’s.

See also  AI era is a 'seismic moment' we've not seen in a decade: Meta exec
A Tesla vehicles charge, Wednesday, Sept. 27, 2023, in Woodstock, Ga. (AP Photo/Mike Stewart)

Tesla autos cost, Wednesday, Sept. 27, 2023, in Woodstock, Ga. (Mike Stewart/AP Photograph)

Tesla investor Gary Black of The Future Fund weighed in on in the present day’s Tesla plunge. “$TSLA weak point in the present day may very well be resulting from massive $ON steerage miss (-18%). ON sells silicon carbide chips to EV makers and cited ‘elevated danger to automotive demand resulting from excessive rates of interest,'” Black wrote on X, previously Twitter, round noon on Monday.

Tesla shares are down practically 22% prior to now month, however nonetheless up 60% for the 12 months.

Pras Subramanian is a reporter for Yahoo Finance. You may comply with him on Twitter and on Instagram.

Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer shares

Learn the most recent monetary and enterprise information from Yahoo Finance

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TAGGED: 5month, closes, Hits, October, rolls, stock, Tesla, Tough

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