05:49 AM EDT, 05/24/2024 (MT Newswires) -- Tesla (TSLA) has reduced Model Y production at its Shanghai plant by a significant percentage since March, responding to declining demand in China, Reuters reported on Friday, citing industry data and an unnamed source.

The Shanghai plant, Tesla's biggest manufacturing hub globally, plans to cut Model Y output by at least 20% from March to June, according to a Reuters report.

Model Y output in China dropped by 17.7% in March and 33% in April compared with a year ago, Reuters reported, citing data from the China Association of Automobile Manufacturers.

Tesla did not immediately respond to MT Newswires' request for comment

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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