- Tesla, Inc’s (NASDAQ:TSLA) internal schedule reflected plans to run a reduced production schedule at its Shanghai Giga plant in January, extending the reduced output it began this December into next year.
- Tesla will run production for 17 days in January between January 3 – January 19 and stop electric vehicle output from January 20 – January 31 for an extended break for the Chinese New Year, Reuters reports.
- Tesla did not specify a reason for the production slowdown in its output plan.
- Also Read: Tesla Forays Southeast Asia’s Largest EV Market Dominated By Chinese Rivals
- Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December.
- Tesla’s latest production cuts in Shanghai coincided with the rising wave of infections after China eased down its strict COVID policy in December.
- Like other automakers, Tesla battled a downturn in demand in China, the largest auto market forcing it to dole out incentives for its buyers and cut prices.
- Tesla’s Shanghai plant accounted for more than half of Tesla’s output in the first three quarters of 2022.
- Based on forecasts for the fourth quarter, analysts expect output to fall short of its goal by about 45%.
- Price Action: TSLA shares traded lower by 5.16% at $116.78 in the premarket on the last check Tuesday.
JLL’s Capital Markets Group Announces That It Has Arranged $425M Refinancing Secured For Miracle Mile Shops On Las Vegas Strip
JLL's Capital Markets group arranges refinancing for 503,484-square-foot entertainment and retail destination
PITTSBURGH, June 28, 2023 /PRNewswire/ -- JLL's Capital Markets group announced today
