Tesla Stock Slumps After Company Reportedly Cuts Model Y Production From Shanghai Plant

Last month, the Shanghai factoryAccording to the Reuters report, inventory levels at the Shanghai factory—which were upgraded earlier this year—have risen sharply while China faces an economic slowdown and slump in demand.

The Model Y crossover is a derivative of the Model 3 sedan and both cars are two of Tesla’s top-selling models globally.that Tesla was preparing to build a lower-cost version of the popular Model 3 in Shanghai starting next year.more than 40% of its global production capacity and 50% of the carmaker’s total profits.

More should get out of China.

Fake news

Consumer sentiment and savings rates are decimated. Recession is likely on the way. $TSLA sells big ticket goods. Of course demand will slip.

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Source: MarketWatch - 🏆 3. / 97 Read more »