Tesla Delivers Record Vehicles in China, Denies Report of Production Cut

Chinese news agency Xinhua reports that automaker Tesla delivered 100,291 EVs from its Giga Shanghai factory in November.

The deliveries represent a record for Tesla and the first time it has topped 100,000 deliveries. The deliveries also represent a 40% rise month-over-month from October and a nearly 90% increase from a year ago.

However, reports from both Bloomberg and Reuters suggest Tesla will now cut production at Giga Shanghai. According to the reports, Tesla is said to make production cuts as early as this week, with reductions estimated at around 20% from full capacity.

Tesla has denied the reports of a production cut in Shanghai, mailing Reuters that reports claiming Giga Shanghai would cut December output were "untrue."

Tesla is facing stiff competition is heating up in China’s EV market, the world’s largest. BYD, backed by Warren Buffett, posted nearly 230K deliveries last month, with nearly 114K EVs and 116K hybrids.

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