Tesla denies plan to cut Shanghai output: sources
STORY: Tesla has denied reports it will slash output in Shanghai.
Reuters sources had said production of the Model Y SUV there would fall by a fifth.
Now the car firm has called that "untrue".
Inventory levels at the Shanghai facility have soared after a plant upgrade over the summer.
The U.S. automaker has also been taking steps to shift stock.
It reduced prices in China by up to 9% and offered insurance incentives - unusual moves for Tesla.
The steps helped boost November sales of its China-made cars by 40% on the month.
High inventory levels in Shanghai come as the country’s car market faces slowing demand and disruptions to supply chains.
Uncertainty over when China will lift its strict lockdowns has clouded the outlook for the sector.
Though Monday (December 5) saw reports that Beijing is now ready to embark on reopening measures.
Globally, Tesla had planned to push production of its Model 3 and Model Y vehicles sharply higher in the fourth quarter.
That as new factories in Texas and Germany ramp up.
It’s working on a revamp of the Model 3 to boost demand for the five-year old sedan.
