MG:CC - Auto manufacturers suppliers slip on Monday amid China concerns

The auto sector, including manufacturers and auto parts providers, are edging lower on Monday as troubles in China persist. Headlining the declines is Tesla (NASDAQ:TSLA) which has again delayed the ramp-up of its production at the Shanghai Gigafactory, per Reuters. Output was originally scheduled to grow to 2,600 cars per day starting on Monday but has been delayed to May 23 due to government restrictions. Shanghai was recently slated to reopen on June 1, though this has been met with skepticism amid a myriad of postponements to reopening plans. The existing delays and looming skepticism leads to suspicions that supply chain problems that confront the auto industry are not near an end. The anxiety over the lingering issues exacerbates long-standing anxiety on supply chain problems and commodity inflation. Auto manufacturers falling: Nikola Corporation (NKLA -7.3%), Lordstown Motors Corp. (RIDE -3.1%), Ferrari (RACE -2.6%), Stellantis (STLA -1.1%), Toyota (TM -1.5%), BMW

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Auto manufacturers, suppliers slip on Monday amid China concerns