1/30, 9:11 PM (Source: TeleTrader)
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Tesla shares fall 5% amid price cuts in the sector

Tesla shares fell 5% Monday amid a general sell-off in the US markets and widespread fears about price cuts in the auto industry.

Prices of several electric vehicle makers also declined following announcements by Tesla Inc. and Ford Motor Co. that they would cut prices on some of their electric vehicle offerings. In Ford's case, the company declared today it had decided to slash the price of its electric vehicle Mustang Mach-E "across the board" to make it more affordable to customers.

Tesla's shares fell by 5.00% at 3:10 pm ET to sell for $169. Meanwhile, Ford dropped by 2.68% a minute later to sell for $12.92.

Baha Breaking News (BBN) / JG