Tesla stock drops following price cuts in China, production stoppage in Berlin

News Snapshot:

Tesla stock (TSLA) ended down over 3.5% on Friday after the automaker announced new price cuts in China, following a Thursday decline off of news the company is idling production at its Giga Berlin factory due to Red Sea-related supplier disruptions. After more than doubling in 2023, Tesla stock is down more than 12% so far this year. On its China website, Tesla revealed new pricing for its Model 3 sedan and Model Y SUV, with the Model 3 seeing a 5.9% cut to 245,900 yuan ($34,600) and Model Y getting a 2.8% price cut to 258,900 yuan ($36,400). Bloomberg...