Tesla Inc. has once again halted production at its Shanghai plant, this time due to supply issues. Reuters reported monday night
Citing two people familiar with the matter, Reuters reported it was unclear when the snag in the supply chain could be resolved and electric vehicle production resumed.
Tesla “paused” production at its Shanghai factory in late March as the city of 25 million went into a strict lockdown due to a surge in COVID-19 cases. It didn’t reopen until late April and reportedly attempted to ramp up production to make up for lost time. The plant too closed for a few days earlier in March due to COVID restrictions.
The automaker is expected to release its April China wholesale sales numbers in the coming days and are expected to fall sharply due to the shutdown. The factory typically produces about 2,000 vehicles a day, according to the China Passenger Car Association.
Tesla shares TSLA,
down 25% year-to-date versus the SPX of the S&P 500,
16% drop this year.
https://www.marketwatch.com/story/tesla-suspends-production-at-shanghai-plant-due-to-supply-chain-problems-report-11652152570?rss=1&siteid=rss Tesla suspends production at Shanghai plant over supply chain issues: report