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Market Extra: Tesla says it did not ask suppliers for cash back

Tesla responded on Monday to a Wall Street Journal report that it asked some suppliers to rebate payments going back to 2016, saying that it asked fewer than 10 suppliers for reductions in total capital expenditure spending on projects that began in 2016 but are still not complete.

A Tesla spokesman declined to provide MarketWatch with a copy of the memo reportedly sent to some vendors that was referenced in the report. But he said the company is focused on reaching a “more sustainable” long-term cost basis with suppliers, including pushing for future cost reductions.

The Wall Street Journal reported late on Sunday that some suppliers had been asked to rebate payments going back to 2016, sending Tesla shares down 5% in early trading on Monday.

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