Tesla Stock Extends Slide After Supplier's Production Cut

The stock is down more than 13% over the last 12 months

Deputy Editor
Oct 31, 2023 at 10:00 AM
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Shares of electric vehicle (EV) maker Tesla Inc (NASDAQ:TSLA) were last seen down 1.4% at $194.66 and on track to extend yesterday's 4.8% dip, after a major supplier's production cut stoked fears that demand for EVs is softening.

According to The Nikkei, Japan-based Panasonic -- a longtime partner and supplier to Tesla -- cut its domestic electric battery production by 60% in the period ending September 2023. Panasonics cells are used in the EV giant's older and pricier Model X SUVs and Model S sedans, bolstering fears that demand for higher-priced EVs that may not be eligible for tax breaks or other government incentives is waning.

Over the last 12 months, Tesla stock is down 13.2%, though it still boasts a 60.5% year-to-date lead. The equity's 260-day moving average that saved a late-August pullback is now overhead.

Options are affordably priced at the moment, too, per the security's Schaeffer's Volatility Index (SVI) of 56% that ranks higher than just 27% of readings from the last 12 months, implying low volatility expectations. Even better, the security's Schaeffer's Volatility Scorecard (SVS), which sits at 92 out of 100, suggesting Tesla stock has exceeded option traders' volatility expectations during the past year. 

 

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