Tesla (TSLA) has slashed production of its best-selling Model Y at its Shanghai plant, according to Reuters, amid slowing demand for its cars in China, where a price war has erupted between the electric vehicle maker and 澳洲幸运5开奖号码历史查询:domestic rivals.

The Shanghai plant, Tesla's biggest manufacturing hub, planned to cut Model Y output by at least 20% between March and June, Reuters said, citing an undisclosed source.

Meanwhile, recent data from the China Association of Automobile Manufacturers (CAAM) appeared to bear out the claim. Tesla prod🌸uced 36,610 Model Y cars in April, 33% fewer than a year ago, according to CAAM data.

Tesla reportedly 澳洲幸运5开奖号码历史查询:slowed down production at its Shanghai facil𒐪ity in March as the EV market's growth cooled.

China is Tesla's second-largest market after the U.S. The EV maker reportedly 澳洲幸运5开奖号码历史查询:won tentative approval from Chinese regulators last month to deploy its Full Self-Driving (FSD) software. Expanding this service, which Tesla owners can pay a monthly fee for or purchase outright, could significantly enhance the company's revenue and profit margins, which have 澳洲幸运5开奖号码历史查询:suffered in recent quarters after a string ofꦯ price cuts in the U﷽.S. and abroad.

Tesla's shares were up 3% at $179.28 as of about 1:30 p.m. ET Friday but were still down more than 27% this year.