{"id":62529,"date":"2023-09-18T13:05:55","date_gmt":"2023-09-18T17:05:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/teslas-stock-turns-lower-again-as-uaw-strike-fails-to-provide-support\/"},"modified":"2023-09-18T13:06:00","modified_gmt":"2023-09-18T17:06:00","slug":"teslas-stock-turns-lower-again-as-uaw-strike-fails-to-provide-support","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62529","title":{"rendered":"Tesla\u2019s stock turns lower again as UAW strike fails to provide support"},"content":{"rendered":"
\n

Shares of Tesla Inc. reversed lower again Monday, with the United Auto Workers\u2019 ongoing strike against the Big Three automakers so far failing to provide the support that many on Wall Street had expected.<\/p>\n

The electric-vehicle giant\u2019s stock
\n TSLA,
\n -2.38%<\/bg-quote>
\n slumped 3.2% in morning trading, after rising as much as 0.6% in premarket trading.<\/p>\n

\n

On Friday, the stock had rallied as much as 1.1% to a two-month high in intraday grading, then pulled a U-turn to close down 0.6%.<\/p>\n

The declines come despite analysts saying that Tesla, which has a nonunion workforce, should benefit from the labor troubles at General Motors Co.
\n GM,
\n -1.37%<\/bg-quote>,<\/span>
\n Ford Motor Co.
\n F,
\n -2.02%<\/bg-quote>
\n and Stellantis NV
\n STLA,
\n -1.32%<\/bg-quote>,<\/span>
\n which are likely to delay the Big Three\u2019s EV plans.<\/p>\n

As Baird analyst Ben Kallo put it in a note to clients as the strike began on Friday, a prolonged strike should benefit Tesla due to its production capabilities and opportunity to build on its leading market-share position. But with the strike extending to its fourth day and second trading session, Tesla\u2019s stock has lost 3.8%.<\/p>\n

Also read<\/strong>: Will UAW strike provide an opportunity for Tesla \u2014 and push up car prices?<\/p>\n

Separately, the Wall Street Journal reported Friday that Tesla is in talks to set up a manufacturing facility in Saudi Arabia.<\/p>\n

Citing people familiar with the discussions, Monday\u2019s report said the talks are part of that country\u2019s push to secure metals needed to make EVs and to diversify its economy away from oil. The talks are at a very early stage and could still fall apart, the Journal reported.<\/p>\n

There were also multiple reports, citing Turkish state media outlet Anadolu Agency, that Turkey\u2019s President Recep Tayyip Erdogan asked Tesla CEO Elon Musk, in a meeting in New York, whether Tesla could build an EV factory in Turkey.<\/p>\n

Tesla\u2019s stock has gained 1.9% over the past three months, while GM\u2019s stock dropped 10.8%, Ford\u2019s has shed 13.7% and Stellantis\u2019s has gained 9.2%. The S&P 500
\n SPX
\n has edged up 1% the past three months.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Tesla Inc. reversed lower again Monday, with the United Auto Workers\u2019 ongoing strike against the Big Three automakers so far failing to provide the support that many on Wall Street had expected. The electric-vehicle giant\u2019s stock TSLA, -2.38% slumped 3.2% in morning trading, after rising as much as 0.6% in premarket trading. On […]<\/p>\n","protected":false},"author":1,"featured_media":62530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-62529","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTesla\u2019s stock turns lower again as UAW strike fails to provide support | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Tesla Inc. reversed lower again Monday, with the United Auto Workers\u2019 ongoing strike against the Big Three automakers so far failing to provide\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=62529\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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