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Wednesday 26 October 2022
Tesla’s stock sinks after cutting prices on cars in China
Tesla has cut starting prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world’s largest auto market.
The price cuts, posted in listings on the electric vehicle giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for Tesla’s insurance last month.
Shares of Tesla (TSLA) fell nearly 4% in US premarket trading on the report about lower prices for its cars in China. Shares are down 40% so far this year through Friday’s close.
Read the whole story on cnn.com