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Automaker Stocks Fall After Tesla Cuts Prices

Shares of automakers were among the worst performers in the market Wednesday.

Tesla shares slid more than 3% after the company continued to cut prices, due to heightened global competition and uncertain electric-vehicle demand.

Tweet on Automakers’ stocks

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Chief Executive Elon Musk also tweeted late on Monday in response to a discussion about whether the world’s richest person needed another compensation package to keep his focus on the company.

Other automakers joined the declines. Ford Motor shares fell 2.1% and General Motors slid 1.1%, trailing the S&P 500’s 0.8% tumble. Both automakers have faced setbacks in EV production in recent weeks.

American depositary receipts of Chinese EV makers such as NIO and XPeng also sold off, as did shares of European automakers including Volkswagen and Stellantis.

Image: Tesla