Tesla Slumps to 16-Month Low as China Slowdown Spurs Price Cuts
- Carmaker lowers cost of locally built models by about 5% to 9%
- Management expects to come up short of growth target this year
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Tesla Inc. shares fell to the lowest since June of last year after the carmaker lowered prices across its lineup in China, where competitive and economic pressures are intensifying.
The carmaker cut the cost of the cheapest locally built Model 3 sedan by 5% to 265,900 yuan ($36,774), its website showed Monday. The company dropped the starting price of the Model Y SUV by 8.8% to 288,900 yuan.