It was updated on Dec 5, 2022.
According to reports, the company will cut production of the Model Y from its Shanghai plant as it faces a slump in demand in China, a critically important market for the company as it makes broader efforts to cut costs.
There is a store in a Chinese city.
After markets opened on Monday, the stock price of the company was down more than 2.5% after it was reported that it would make less Model Ys in December.
More than 100,000 electric vehicles were delivered by the factory.
While China faces an economic slowdown and slump in demand, inventory levels at the factory in the city have risen sharply.
Both the Model Y and the Model 3 are two of the top-selling models in the world.
A lower-cost version of the Model 3 is expected to be built in Shanghai by the end of the year.
China accounts for more than 40% of the global production capacity and 50% of the company's profits. The company's manufacturing activity in China took a hit as the economic hub of Shanghai faced the country's longest and harshest lockdown since the start of the Covid-19 Pandemic. Supply chain disruptions have been caused by China's Covid measures.
It was 51.21%. Since the beginning of the year, the stock of the electric car maker has fallen in value. There are a number of factors that have contributed to the drop, including a broader market slump and CEO Musk's decision to sell a lot of shares.
The Model Y output at the plant was cut by more than 20% in December.
The month of November was a record month for the shipments of the electric car maker.
The tough quarter means price hikes and job cuts.
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