SAN FRANCISCO, Reuters Tesla on Wednesday joined General Motors and Ford in being cautious about expanding electric vehicle 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 there39;s uncertainty in the economy, Musk said on a postearnings call where he also talked about paychecktopaycheck pressures on American workers. I don39;t want to be going into top speed into uncertainty.

Musk39;s comments, which sent Tesla shares down more than 4 in aftermarket trading, come after warning bells from other automakers and EV startups.

GM said on Tuesday it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan, citing flattening demand for EVs.

Detroit peer Ford said last week it would temporarily cut one of three shifts at the plant that builds its electric F150 Lightning pickup truck. The automaker in July slowed its EV rampup, shifting investment to commercial vehicles and hybrids.

EV startup Lucid on Tuesday reported a near 30 plunge in thirdquarter production and only a marginal increase in deliveries despite big discounts, raising worries about demand for its Air…