Tesla shares experienced a significant decline on Friday as the electric vehicle giant grapples with various challenges, particularly in its crucial Chinese market.
The Street reports that Tesla, the world’s leading electric vehicle manufacturer, has been facing a series of setbacks that have led to a substantial drop in its stock value. The company’s shares have already shed more than $240 billion in value this year, making it the worst-performing stock on the S&P 500. The latest slump comes amidst reports of production cuts at its Shanghai factory and intensifying competition in China.
According to Bloomberg News, Tesla has trimmed production at its Shanghai facility, reducing shifts for the Model Y midsize SUV and Model 3 sedan to five days per week from the usual pace of around 6 1/2 days. This decision comes as Tesla struggles with weaker-than-expected sales figures in China, where volumes fell to […]
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