Tesla to cut production hours for Model S and X

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FILE PHOTO – A Tesla Model X is photographed alongside a Model S at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed

(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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