Tesla shares drop after company announces China price cuts

Tesla shares fell after the company announced a fresh round of price cuts for the Model Y in mainland China.

Tesla shares fell after the company announced a fresh round of price cuts in mainland China.

The company had pushed to undercut competitors aggressively in the mainland, competing with domestic automakers to gain market share.Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023.has once again cut prices in mainland China, a competitive move that sent shares sliding 3% in pre-market trading Monday.

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