Tesla shares fall as it cuts production hours for Model S and X [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Tesla shares fall as it cuts production hours for Model S and X Tesla Inc said on Wednesday it is reducing production hours for higher-priced Model S and Model X cars, just days after saying it would cut jobs as the electric car maker looks to make more affordable versions of the Model 3 sedan. The shares of the company fell 4.2 per cent to $286.9. Tesla also faces the unenviable choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle as the electric vehicle tax break started to phase out from earlier this month. Story continues below advertisement Chief Executive Officer Elon Musk had said earlier this month that Tesla will no longer be taking orders for the 75 kWh version of the Model S and X to streamline production. “As a result of this change (layoffs) and because of improving efficiencies in our production lines, we have reduced Model S and X production hours accordingly,” a Tesla spokesperson said in an e-mail. “These chang
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