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Tesla denies reports of output cuts; replies 'false news'

Published 12/05/2022, 01:34 PM
Updated 12/05/2022, 01:39 PM
© Reuters.  Tesla (TSLA) denies reports of output cuts; replies 'false news'

By Michael Elkins

Monday morning saw reports, citing people familiar with the matter, claiming that the electric vehicle giant, Tesla (NASDAQ:TSLA) would be cutting production of the Model Y at the company’s Shanghai location. However, the automaker has come out saying that the claims were “untrue”.

Reuters on Monday reported Model Y output at the plant was set to fall by more than 20% versus November citing two sources with knowledge of the electric vehicle (EV) giant's production plan. The output reduction was first reported by Bloomberg, which said the move was a reflection of sluggish demand.

Later on Monday, a Tesla representative replied, "false news," without elaborating.

Shares of TSLA are down 5.91% in mid-day trading on Monday.

Latest comments

Price likely to go up to 200.
Its Fake News. Like they did on President Donald trump.
what is there to elaborate on? false news.
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