Tesla Inc (NASDAQ:TSLA) shares are trading lower Wednesday following reports the EV maker lowered production targets at Gigafactory Berlin-Brandenburg.
What To Know: Tesla lowered its production target at its German factory to 4,350 vehicles a week in July and August, per Reuters, citing a Business Insider report. The report suggests the team at Giga Berlin has had trouble meeting targets in recent months and has continued to lower internal goals to less than 4,000 per week.
Earlier this year, Tesla said it was producing 5,000 vehicles per week at the plant but reports suggested that was not a normal pace.
In July, Tesla said it was planning to double the size of the Berlin factory, with the goal of eventually producing 1 million EVs at the location per year. The expansion plans also included battery production.
Tesla shares are down nearly 12% over the last month as the Elon Musk-led company has continued to cut prices on its vehicles, which have sparked demand concerns.
Tesla slashed prices of its Model Y vehicle by more than $1,900 in China last week. The EV company also announced a limited-time insurance subsidy for some of its Model 3s.
Just days later, Tesla lowered prices on its current inventory of Model S and Model X vehicles in China by as much as $9,600.
See Also: Tesla's 'Biggest Risk' Right Now? Analyst Says This Could Crash 2023 EPS By Up To 35% Below Estimates
TSLA Price Action: Tesla shares were down 2.28% at $227.88 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Tesla.
