Tesla has reduced its electric vehicle (EV) production at its plant in China due to slower sales growth in the EV market, adjusting amid increasing competition in the world's largest car market. The company has instructed employees at its Shanghai factory to lower the output of both the Model Y sport utility vehicle and the Model 3 sedan, moving to a 5-day workweek from the usual 6 1/2 days. As a result, Tesla's stock has experienced a decline, dropping 4% or $6.82 in pre-market trading to $166. This strategic move reflects Tesla's response to the challenges of maintaining sales momentum in the competitive Chinese EV market.