(Reuters) - Tesla Inc is reducing production hours for its higher priced electric cars Model S and Model X to improve efficiencies, a Tesla spokesperson said on Wednesday.
The company, which has struggled to achieve long-term profitability, said last week it would cut thousands of jobs to rein in costs as it plans to increase production of lower-priced versions of its Model 3s.
Tesla shares fell 4.8 percent to $284.57.
(Reporting by Sayanti Chakraborty and Sonam Rai in Bengaluru; Editing by Arun Koyyur)
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Updated Date: Jan 24, 2019 01:05:53 IST