Tesla Posting Steep Loss On Price Cut In China

(RTTNews) - Shares of Tesla Inc. (TSLA) have moved sharply lower during trading on Monday, extending the sell-off seen over the past several sessions. Tesla is currently down by 6.8 percent after hitting its lowest intraday level in a month.

Tesla came under pressure early in the session on news the electric car maker has sled prices on its Model 3 by more than 7 percent in China. The starting price for a Model 3 in China is now 499,000 yuan or $72,000.

According to a report from Reuters, the price cut marks the third time in the last two months that Tesla has adjusted its prices in China.