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Tesla shares fall after Elon Musk’s firm cuts price of cars in China

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Tesla CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, east China, Jan. 7, 2020.

Ding Ting | Xinhua News Agency | Getty Images

Tesla shares slipped as much as 7% Monday morning after the company cut the price of some of its cars in China. They were down more than 1% at market close.

Tesla slashed the price of its Model 3 and Model Y vehicles in China, one of the company’s most critical markets.

The starting price for the Model 3 sedan was reduced to 265,900 Chinese yuan ($36,615) from 279,900 yuan. The Model Y sports utility vehicle now costs 288,900 yuan versus the previous price of 316,900 yuan.

Tesla’s cuts partly reverse some of the price…



Source cnbc.com

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