Tesla stock slides on reports that the electric-vehicle maker's Shanghai factory may cut back production
Tesla stock fell as much as 6% on Monday as investors assessed reports that may indicate lower production outputs.
The electric-vehicle maker's Shanghai factory could cut Model Y production by 20% from full capacity,reported, citing sources familiar with the matter. The output cuts could take place as soon as this week. "The decision was made after the automaker evaluated its near-term performance in the domestic market, one of the people said, adding that there's flexibility to increase output if demand increases," per the report.
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