Tesla Cuts Prices In China, Other Asian Markets Amid Weaker Demand
NDTV
Tesla shares fell 2.5% in active trading Friday. The stock has lost 70% of its value in the last year.
Tesla cut prices in China for the second time in less than three months on Friday, fuelling forecasts of a wider price war amid weaker demand in the world's largest autos market.
The US automaker also cut prices on its best-selling Model Y and Model 3 electric vehicles in Japan, South Korea and Australia in what a person with direct knowledge of the plan said was part of an effort to help stoke demand for output from its Shanghai factory, its single largest production hub.
The shift is the first major move by Tesla since appointing its lead executive for China and Asia, Tom Zhu, to oversee global output and deliveries that have been at the heart of the company's recent challenges after falling short of its 2022 delivery target.
Tesla shares fell 2.5% in active trading Friday. The stock has lost 70% of its value in the last year.
