Musk is betting on the technology to become cash cow for the world's most valuable automaker. But he has for years failed to achieve the goal of self-driving capability, with the technology under growing regulatory and legal scrutiny
Tesla Price Cuts: In response to a sales downturn, Tesla has reduced prices across key models in China and the US, while facing operational challenges including executive departures and a significant recall.
Tesla (TSLA) has reportedly cut down its electric vehicle production at its Giga Shanghai factory in China due to sluggish growth in the sales of new-energy vehicles, tough competition and price war, according to Bloomberg.
The market reacted sharply to Musk's statements, with Tesla suffering its most significant intraday percentage loss in over a year, resulting in an astonishing $80 billion reduction in market value on Thursday alone.