Tesla's stock experienced a significant downturn, sliding 5% and tumbling further to a more than 7% drop after the electric vehicle maker announced a series of price cuts and discounts in China. This move comes in response to a slump in shipments and sales in the country, which is the world's biggest car market. The sales decline in February is attributed to growing competition from local rivals, notably BYD. Additionally, Tesla's stock has reached its lowest level since May 2022, marking a notable two-day slump.