SHANGHAI - Tesla cut electric vehicle prices in China for the second time in less than three months on Friday, stoking expectations for a wider price war for battery-powered vehicles in the world's largest auto market where demand has weakened.
Tesla also cut prices on its best-selling Model Y and Model 3 EVs in Japan, South Korea and Australia.
The coordinated cuts were part of an effort to help stoke demand for Tesla's output at its Shanghai factory, the company's single largest production hub, according to a person with direct knowledge of the plan.
It was also the first major move by the electric vehicle maker since Tesla appointed its lead executive for China and Asia, Tom Zhu, who has been based in Shanghai, to oversee global output and deliveries.
Tesla shares slid in premarket trading after the price cuts.
Established automakers have long turned to incentives in the face of weaker demand to control inventory, but, until late last y…