Tesla stock falls after report that Gigafactory expansion is on hold

Tesla Inc. shares on Thursday traded at their lowest in five sessions after a report said the Silicon Valley car maker and Panasonic Corp. have put on hold plans to expand the Nevada Gigafactory.

Tesla TSLA, -2.77% shares fell nearly 3% in midday trading, bringing weekly losses to more than 2%. Tesla stock has lost 11% in the past 12 months, versus gains of more than 9% for the S&P 500 index SPX, +0.00% in the same period.

Demand for battery cells continues to outstrip supply, Tesla said.

The stock is down for three out of the past five sessions, having dropped more than 8% a week ago after Wall Street reacted to Tesla’s lower-than-expected first-quarter deliveries.

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