Posted 1/12/2024, 9:31:00 AM
Tesla Cuts China Prices Amid Competition, Halts Berlin Production Due to Supply Chain Disruptions
- Tesla cut prices on Model 3 and Model Y vehicles in China by 5.9% and 2.8% respectively amid economic struggles
- Tesla stock dropped over 3% in premarket trading Friday on China price cuts and German production shutdowns
- Tesla faces stiff competition in China from local EV makers like BYD, Nio, Li Auto, and Xpeng
- Tesla to halt majority of Berlin auto production for 2 weeks due to lack of components from Middle East shipping route disruptions
- Analysts estimate Tesla's Berlin shutdown could result in 10k-14k hit to Q1 deliveries, wary of further supply chain impacts