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Monday morning saw reports, citing people familiar with the matter, claiming that the electric vehicle giant, Tesla (NASDAQ:TSLA) would be cutting production of the Model Y at the company’s Shanghai location. However, the automaker has come out saying that the claims were “untrue”.
Reuters on Monday reported Model Y output at the plant was set to fall by more than 20% versus November citing two sources with knowledge of the electric vehicle (EV) giant’s production plan. The output reduction was first reported by Bloomberg, which said the move was a reflection of sluggish demand.
Later on Monday, a Tesla representative replied, “false news,” without elaborating.
Shares of TSLA are down 5.91% in mid-day trading on Monday.
