Shares of Tesla suppliers in Asia take a beating on stock markets

04:27

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Asia Pacific

Shares of Tesla suppliers in Asia take a beating on stock markets

Shares of electric vehicle makers and Tesla's Asia suppliers tumbled on Thursday. and with it Tesla suppliers and many EV makers on the stock exchange. Chinese EV makers Nio, Xpeng, and Li Auto were among the largest losers on the Hang Seng index, with Nio plunging over 7%. South Korean display manufacturer LG Display, known to supply the car displays for Tesla's Model 3, slipped over 4% . That's as the EV maker missed fourth-quarter revenue and profit targets and warned of slower sales this year. Tesla said during an investor presentation that vehicle volume growth in 2024 "may be notably lower" than last year's growth rate as the company works toward launching its "next-generation vehicle" in Texas.