⚠️BREAKING: *TESLA SHARES DROP 3% AFTER SURPRISE CHINA EV PRICE CUT - $TSLA
SHANGHAI -Tesla has cut starter 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.
China Merchants Bank International said Tesla's price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. Tesla had cut prices in China last year in an effort to be more competitive in the country, while in the United States, its largest market, the EV maker has raised prices over the past year on higher cost of raw materials.
Tesla told Reuters it was adjusting prices in line with costs. Capacity utilisation at its Shanghai Gigafactory has improved, while the supply chain remains stable despite the impact on the economy of China's stringent zero-COVID restrictions, leading to lower costs, it said.
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