Tesla, Inc. (NASDAQ:TSLA) shares are moving Friday and are down more than 11% over the last week. Shares have fallen amid weak Chinese economic data, the company’s latest vehicle price cuts and recent overall market weakness. The stock is also under pressure following mixed Q2 results from Chinese rival XPeng.
Tesla has cut prices in the U.S. several times this year bringing the cost of a Model 3 to less than $40,000. Earlier this week, the company announced 6.9% price cuts on its Model S and X in the Chinese market after Tesla EV sales fell dramatically in July and amid growing signals of an economic slowdown in China.
The stock may also be down amid broader macro uncertainty after China Evergrande filed for Chapter 15 bankruptcy protection in the US.
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TSLA Price Action: According to Benzinga Pro, Tesla shares are down by 2.04% at $214.76 at the time of publication.
Image: indrajit07 from Pixabay
