Tesla stock slips after report EV maker is halting Cybertruck and Model Y production

Tesla's stock experienced a decline of over 2% on Tuesday following news that the company will temporarily suspend production of its Cybertruck and Model Y models for one week at its Austin, Texas facility. According to a report from Business Insider, the shutdown is set to commence on June 30 and is primarily aimed at conducting maintenance on the production lines. This upcoming pause marks the third production halt at the Austin plant within the last year, indicating ongoing challenges in maintaining operational efficiency. Meanwhile, Tesla is gearing up for the anticipated launch of its robotaxi service in Austin, scheduled for June 22, which will utilize Model Y vehicles that feature an updated version of the company's Full Self-Driving technology. Elon Musk, CEO of Tesla, recently shared a video on X showcasing a Model Y robotaxi navigating the roads of Austin, which has heightened excitement surrounding the upcoming launch. As the situation unfolds, CNBC has reached out to Tesla for further comments regarding the production suspension.