Tesla shares fell more than 7% on Monday after shipments from the electric car maker’s Chinese factory hit a 14-month low in February, amid Lunar New Year disruptions and a price war.
Tesla delivered 60,365 cars from its Shanghai plant last month, the lowest number since December 2022, according to preliminary data from the China Passenger Car Association. This represented a 19% year-over-year decline and a 16% decline from 71,447 units in January.
Last week, Tesla launched a new round of incentives worth up to Rmb34,600 ($4,805) to entice Chinese consumers to snap up existing stock of the Model 3 sedan and Model Y SUV.