Tesla Inc. (NASDAQ:TSLA) has reportedly significantly reduced the production of its Model Y SUV at its Shanghai gigafactory since March. What Happened: The electric car manufacturer has cut the output of its Model Y by a double-digit percentage at its Shanghai plant, Reuters reported on Friday, citing industry data and a source. The decision is reportedly a response to the waning demand for Tesla’s older model in China, which is the company’s second-largest market. The majority of the vehicles produced at the Shanghai plant are sold in China, where a fierce price war has erupted among electric…