Tesla slashes car prices by 9% in China as economy there struggles
Economic data on Monday showed China's GDP growth was below Beijing's 5.5% target last quarter.has slashed the price of two of its cars in China, as concerns grow about a potential recession in the world's second-largest economy.
"China is experiencing a recession of sorts," Musk said during a third-quarter earnings call Wednesday.and the hit to the economy from the return of Beijing's zero-COVID shutdowns have fanned fears of a recession there in recent months. Tesla's shares fell 3.25% in premarket trading Monday, as investors digested the China price cuts. The EV giant's stock fell after itsshowed it had missed its deliveries and revenue targets, and it was down 3.4% at close Friday from before the update.
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