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Friday, January 27, 2023

Tesla stock falls again on report Shanghai production cuts will extend into January

Tesla stock falls again on report Shanghai production cuts will extend into January
© Reuters. Tesla (TSLA) stock falls again on report Shanghai production cuts will extend into January

 

TSLA
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By Senad Karaahmetovic

Shares of Tesla (NASDAQ:TSLA) are down more than 2% in pre-market Tuesday trading after Reuters reported that the electric vehicle (EV) maker plans to extend its light production schedule at its Shanghai plant in January.

The Shanghai plant will run production from January 3 to January 19 and then stop producing EV units from January 20 to January 31 for an extended break for the Chinese New Year. The period between January 21 and January 27 is a public holiday in China.

Reuters also reported a few days ago that Tesla halted production at its Shanghai plant heading into the last week of December, starting from Saturday, December 24. This factory accounted for more than half of Tesla’s output in the first three quarters of 2022.

In the meantime, China continues to battle a massive COVID-19 outbreak. Media reported over the weekend that Zhejiang, a huge industrial province near Shanghai, is experiencing a million new daily infections, a number that could double in the coming days.

Tesla shares closed at $123.15, down 65% year-to-date.

Source: Investing.com

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