- Early afternoon trading on Monday saw Tesla shares down 5.44% to trade at $183.88 per share, bringing the stock's year-to-date decline to about 54%. The company's shares dropped following news that it will scale back production by 20% this month at its Shanghai factory which regularly produces around 85,000 cars a month. Additionally, Tesla's Model Y will see discounts of more than 20%.
- Tesla reduced costs for its China-made vehicles for the first time this year in late October. According to figures released Monday by the China Passenger Car Association, the price reductions significantly increased Tesla's November revenue total, with total exports climbing over 90% from the previous year.
Why it matters
Tesla has never decreased output levels at the Shanghai factory since it initially opened its doors in 2018, but earlier this year, Covid restrictions and scheduled maintenance caused output to drop.
