By Michael Elkins
Tesla Inc. (NASDAQ:TSLA) announced on their website Tuesday, that the company has cut waiting times for all Model 3 and Model Y vehicles to a minimum of one week.
Data from China Merchants Bank International showed that the automaker boosted inventory at their Shanghai facility in October at its fastest pace ever. Tesla produced 87,706 Model 3s and Model Ys in October, but delivered 71,704 vehicles, leaving a gap of 16,002 China-made cars in inventory - the biggest gap between production and sales since Tesla opened its Shanghai Gigfactory in late 2019.
The company also cut prices for its Model 3 and Model Y cars in China last month to boost sales. All this at a time when automakers and investors are bracing for a downturn in China’s car market.
Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners.
Shares of TSLA are up 4.28% in mid-day trading on Tuesday.