SAN FRANCISCO—Tesla on Oct. 18 joined General Motors and Ford in being cautious about expanding electric vehicle (EV) production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand.
Tesla CEO Elon Musk said he was worried that higher borrowing costs would prevent potential customers from being able to afford its vehicles despite substantial price cuts and that he would wait for clarity on the economy before ramping up its planned factory in Mexico.
