News Snapshot:
In a reversal following a series of hikes his year, Tesla (TSLA) is now cutting prices in China. The automaker cut prices across the board for its offerings in China, with the entry-level Model 3 sedan dropping by nearly 5% to 279,000 yuan, and the entry level Model Y SUV’s price coming down by 9% to 316,000 yuan. The price cuts come as concern grows demand may be waning in China due to economic pressures. CEO Elon Musk said as much during last week’s earnings call, claiming “China is experiencing a recession of sorts,” mostly tied to a softening property...
