Getty
- Tesla stock fell as much as 5% on Monday following news of more price cuts for electric vehicles.
- The company also said it will launch a new Shanghai factory to create Megapack batteries.
- The EV maker announced over the weekend that it will reduce vehicle prices by as much as $5,000.
Tesla stock fell as much as 5% on Monday after the company announced it will reduce the prices of its electric vehicles.
A post on the company's website on Saturday said the carmaker plans to lower prices on both the Model S and Model X vehicles by $5,000. Additionally, the price of Tesla's Model 3 sedan has been reduced by $1,000, while its Model Y will be $2,000 cheaper.