Following a looming recession in China, Tesla Inc. (NASDAQ: TSLA), through its CEO, has announced price cuts on its models so that the company can meet its target of delivering a predetermined number of electric vehicles in China. China’s economy was hit hard by COVID-19, which stoked economic worries in recent months.
This price reduction was taken after Tesla produced the Model 3 and Model Y, two of its most potent cars, at its Shanghai Giga plant, boosting manufacturing capacity there..
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