Tesla Cuts China Output Amid Falling Sales

Tesla (TSLA) stock dropped due to a report it is reducing EV output at Giga Shanghai factory by 1.5 days per week
The change happened earlier this month and it's unknown when Tesla plans to resume full capacity
Tesla offering deeper discounts in China lately, indicating difficulty selling vehicles
Some production lines, including battery workshops, facing even longer suspensions
Tesla's China sales down 6% year-over-year in first 2 months of 2023, with only 53% of China-made vehicles sold domestically