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On Tuesday, Tesla shares experienced a near 4% decline after it was reported that the company would suspend production of the Cybertruck and Model Y at its Austin, Texas, facility for a week beginning June 30. This decision, announced during an employee meeting, is reportedly intended to focus on maintenance of the production line. Notably, this marks the third time in the past year that the Austin plant has halted operations. Tesla has been grappling with dwindling sales and a growing inventory, prompting the company to implement various strategic measures such as introducing new models and offering significant discounts to revive demand. The upcoming production halt is expected to further disrupt Tesla's production schedule and delivery capabilities, fueling concerns about its capacity to effectively navigate the current challenges.
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