Key Points
Tesla on Wednesday joined General Motors and Ford in being cautious about expanding electric vehicle (EV) production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand...
Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts, and that he would wait for clarity on the economy before ramping up its planned factory in Mexico...
"People hesitate to buy a new car if there's uncertainty in the economy," Musk said on a post-earnings call where he also talked about "paycheck-to-paycheck" pressures on American workers..
Rivian, which makes electric pickup trucks and sport utility vehicles, also disappointed investors this month when it shied away from raising its full-year production forecast despite stronger-than-expected third-quarter numbers...
But Musk said higher financing costs due to rising interest rates meant to fight stubbornly high inflation in some cases almost entirely offset the price reductions, making consumers looking to shift away from gas-guzzling vehicles wary...
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