Tesla shares were off 3.6% in midday trading after the company cut prices on several vehicles in China:
The state of China demand has been a key question for the electric-vehicle maker, given competition in the market as well as economic pressures on consumers there. Some analysts have flagged Tesla’s TSLA, -3.95% falling wait times in China as evidence that the company might be suffering from demand challenges there.
See also: Elon Musk teases massive Tesla stock buyback as CFO trims forecast for annual deliveries and stock falls But Piper Sandler analyst Alexander Potter wasn’t sweating news of the price reductions. In a note to clients, he called them an “inevitability, not a downside surprise.”
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