Tesla Stock Plummets 3% Amid Global Price Cuts: Is Elon Musk’s Strategy Backfiring?
BENGALURU, INDIA – Tesla’s stock took a sharp hit on Monday, dropping over 3% amidst concerns on Wall Street regarding the company’s shrinking profit margins leading up to its upcoming earnings report. The electric vehicle maker implemented price cuts of up to $2,000 on models like the Model 3 and Model Y in various markets such as the U.S., China, and Germany to stimulate demand affected by high interest rates. The price reductions come just …