SAN FRANCISCO, Oct 19 (Reuters): 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. "I don't want to be going into top speed into uncertainty."
Musk's comments came after warning bells from other automakers and EV startups.
Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
FE Team | Published: October 19, 2023 23:43:24
Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
Share if you like