06:26 AM EDT, 03/22/2024 (MT Newswires) -- Tesla (TSLA) has reduced car production at its plant in China, because of slow growth in the electrical vehicle market and growing competition in the country, Bloomberg News reported Friday, citing people familiar with the matter.

Elon Musk's firm in recent weeks decreased production of both the Model 3 sedan and Model Y sport-utility vehicle it produces for the Chinese market by shortening the work-week from 6 1/2 to five days per week. Bloomberg cited unnamed sources as saying.

Tesla delivered 131,812 vehicles in the first two months of 2024, down 6% from the same period a year earlier, according to data cited by Bloomberg from China's Passenger Car Association.

Tesla did not immediately reply to MT Newswires' request for comment.

Shares of the carmaker were down more than 3% in Friday's premarket activity.

(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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