Stock markets slip on auto woes, economy fears
Shares in Tesla slump nearly 10% on Thursday as steep price cuts eat into margins at Elon Musk’s electric vehicle company. – EPA pic, April 21, 2023.
GLOBAL equities mostly slid yesterday on auto sector woes and economic fears about the prospect of more interest rate hikes aimed at cooling high inflation. Share prices of carmakers were hit hard after Tesla posted tumbling first-quarter profits as steep price cuts ate into margins at Elon Musk’s electric vehicle company.
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