Auto manufacturers, suppliers slip on Monday amid China concerns
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The auto sector, including manufacturers and auto parts providers, is 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 (OTCPK:BMWYY
-0.3%), Honda Motor (HMC
-4.1%), Tata Motors (TTM
-0.9%) and General Motors (GM
-2.7%), Rivian (RIVN
-5.9%), Ford (F
-2.9%), General Motors Company (GM
-2.7%), and XPeng (XPEV
-0.4%).
Nio (NIO
+2.3%) is a rare gainer on a fresh upgrade from Bank of America. Faraday Future Intelligent Electric (FFIE
+18.5%) also bucked the trend in a strong relief rally. 
Auto supplier stocks sliding: Cooper-Standard (CPS
-9.1%), Adient (ADNT
-4.0%), Horizon Global (HZN
-2.1%), Westport Fuel Systems (WPRT
-4.1%), Lear Corporation (LEA
-3.0%), Dana (DAN
-2.7%), Goodyear Tire & Rubber (GT
-2.1%), and Aptiv (APTV
-4.2%), QuantumScape Corporation (QS
-5.0%), Visteon Corporation (VC
-3.7%), Garrett Motion (GTX
-4.9%), Magna International (MGA
-1.3%), LKQ Corporation (LKQ
-0.7%), BorgWarner (BWA
-2.6%), and Autoliv (ALV
-2.3%).
Read more on Tesla-specific (TSLA
-3.9%) production problems in China.