Oct 30 Reuters Shares of Tesla fell about 5 on Monday after key supplier Panasonic Holdings said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electricvehicle EV sales.

Panasonic said its production suffered from slowing uptake for highend EVs in North America, echoing Tesla CEO Elon Musk39;s comments from earlier this month that higherforlonger borrowing costs would take a toll on vehicle demand.

Panasonic39;s warning of soft demand for Tesla39;s Model S and Model X cars has many concerned that global economic outlook could be in worseshape than initially believed, said Edward Moya, senior market analyst at Oanda.

Earlier on Monday, General Motors reached a tentative deal with the United Auto Workers union, following deals by Ford Motor and Chryslerowner Stellantis, and potentially putting an end to disruptions that some analysts had said could have given Tesla an edge.

Since the UAW strike began, Tesla shares have, however, fallen 34 compared with a 30 to 33 decline in shares of Ford Motor and General Motors, and a 33 rise in Stellantis39;s shares.

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi39;s bleak forecast.

ON sells to automotive players with over 50 share of global EV sales, including 4 of the top 5 China EV makers, he said in a post on social media platform X on Monday.

Onsemi CEO Hassane ElKhoury said the company39;s top European clients were working…