Tesla is cutting the starting price of its electric vehicles by $2,000 and boosting other incentives as it expands production.
Tesla shares were down Wednesday by more than 10 percent in early trading.
Tesla will begin selling the Model 3 in Europe and China in February, considered a significant milestone as the company continues global expansion.
Leaked documents last month show Tesla has plans to manufacture vehicles at the gigafactory in Sparks, Nevada. Currently, the gigafactory is manufacturing batteries and is instrumental in the mass production of the Model 3 Sedan.
