TheStreet.com
Tesla Stock Extends Slide As New China Discounts Highlight Demand Concern
Tesla shares extended declines Wednesday after the carmaker unveiled another round of price cuts in China, adding to concerns over near-term demand in world’s biggest EV market. Tesla is now offering further discounts to China-based buyers of its Model 3 and Model Y sedans, provided the purchase is completed by the end of the year. China’s recent loosening of Covid restrictions is expected to boost growth in 2023, but the damage from its draconian policies has left a lasting scar on the world’s second-largest economy, with data today indicating the biggest year-on-year decline in exports in nearly three years.