The price of some of the company's cars in China was cut.
The electric car company's shares were down in New York before the market opened on Monday.
One of the company's most critical markets was slashed the price of its Model 3 and Model Y vehicles.
The starting price for the Model 3 car was reduced. The cost of the Model Y sports utility vehicle has gone up.
The price increases the company was forced to carry out earlier this year in China and the U.S. were partially reversed by the price cuts.
In March, Musk warned that his electric car firm was facing significant recent inflation pressure.
Musk said he sees a recession in China.
Musk said last week that China is experiencing a recession in the property market.
The company delivered 343,000 vehicles in the third quarter. The company doesn't give out how many cars were delivered. Revenue in the third quarter was below expectations.
The China Passenger Car Association reported a monthly record for the company in September. There is a huge Gigafactory in the Chinese city of Shanghai which has been upgraded.
The price cuts come in the face of rising competition in China from domestic firms such as BYD and Nio.
The prices of BYD and Xpeng have increased this year due to rising raw material costs.
Retail sales in China are being weighed down by strict Covid-19 controls. The third-quarter gross domestic product rose 3.9% from a year ago, but is still below the official target.
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