- Most global mega-cap stocks continued their slide in October, hit by the rise in U.S. interest rates and lacklustre third-quarter earnings growth among some top U.S. tech firms.
Tesla's market value tumbled almost 20% to $638 billion last month, largely due to the impact of rising U.S. interest rates on electric vehicle demand. Additionally, Panasonic Holdings, a key supplier to Tesla, announced a reduction in automotive battery production in Japan for the September quarter, highlighting a global slowdown in EV sales.
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