Tesla adjusts Shanghai Giga export strategy amid EU tariffs and weakening China demand
PALO ALTO, California -- Tesla reported a fourth straight year-on-year quarterly profit drop on Tuesday as the U.S. electric-vehicle maker faces weakening EV demand in key markets, including China, where heated competition has pushed local players like BYD to cut prices.
Meanwhile, the recent tariffs hikes by the U.S. and E.U. on China-made electric vehicles have put its most cost-efficient plant-Gigafactory Shanghai--in jeopardy of losing serving as the main Tesla export hub.