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Shanghai to help Tesla resume production amid coronavirus spread

Stock MarketsFeb 08, 2020 09:21AM ET
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© Reuters. FILE PICTURE: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai

By Brenda Goh and Samuel Shen

SHANGHAI (Reuters) - U.S. electric carmaker Tesla's (O:TSLA) factory in China's financial hub of Shanghai will resume production on Feb. 10 with assistance to help it cope with a spreading epidemic of coronavirus, a Shanghai government official said on Saturday.

Many factories across China shut in late January for the Lunar New Year holiday that was originally due to end on Jan. 30 but which was extended in a bid to contain the spread of the new flu-like virus that has killed more than 700 people.

Tesla warned on Jan. 30 that it would see a 1-1.5 week delay in the ramp-up of Shanghai-built Model 3 cars as a result of the epidemic, which has severely disrupted communications and supply chains across China.

Tesla Vice President Tao Lin said this week that production would restart on Feb. 10 and that car deliveries from the plant would be temporarily delayed.

"In view of the practical difficulties key manufacturing firms including Tesla have faced in resuming production, we will coordinate to make all efforts to help companies resume production as soon as possible," Shanghai municipal government spokesman Xu Wei said.

The $2 billion Shanghai factory is Tesla's first outside the United States and was built with support from local authorities. It started production in October and began deliveries last month.

The Shanghai government also said on Saturday it would ask banks to extend loans with preferential rates to small companies and exempt firms in hard-hit sectors like hospitality from value-added tax, among other measures to prop up businesses during the epidemic.

Such assistance would also apply to foreign companies.

Shanghai to help Tesla resume production amid coronavirus spread
 

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Comments (8)
William Smith
William Smith Feb 09, 2020 8:44PM ET
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Tesla sending employees to work, to ***with their safety. That's about as low as it goes. This as most Chinese companies are planning to stay closed now until March 1st. Elon has no shame, it's not his life.
Zambi rambi
Zambi2019 Feb 08, 2020 7:06PM ET
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Production Resume: Huge news.
William Smith
William Smith Feb 08, 2020 7:06PM ET
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Shows Musk cares not about his employees lives. So sad, tells one a bunch.
Zambi rambi
Zambi2019 Feb 08, 2020 7:06PM ET
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Watch Gap Up, GAP AND GAP UP Premarket on Monday at least $124
Balabai Yadnaik
Balabai Yadnaik Feb 08, 2020 4:26AM ET
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they want just increase there productions..
Victor Reynoso
Victor Reynoso Feb 08, 2020 4:26AM ET
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is that bad?
Len Marián
Len Marián Feb 08, 2020 4:26AM ET
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Dee Mehta
DMFINANCE Feb 08, 2020 4:26AM ET
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Who will buy
Shijing Xian
Shijing Xian Feb 08, 2020 4:15AM ET
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Tesla is risking it's employees life for money
Balabai Yadnaik
Balabai Yadnaik Feb 08, 2020 4:15AM ET
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yeah ur rgt....
嘉偉 吳
嘉偉 吳 Feb 08, 2020 4:15AM ET
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It is not the boss's life.
Shijing Xian
Shijing Xian Feb 08, 2020 4:15AM ET
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sorry for typo, I meant the employers, factory workers in Shanghai
Victor Reynoso
Victor Reynoso Feb 08, 2020 4:15AM ET
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no offense but, business is business. TSLA can't stop just because a few Chinese citizens are dying. They need to build those cars.
Dee Mehta
DMFINANCE Feb 08, 2020 1:12AM ET
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Double top and then fall hard
Triplicis Mundi Summum
Triplicis Mundi Summum Feb 08, 2020 1:12AM ET
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How is that oil investment working out for ya?
Triplicis Mundi Summum
Triplicis Mundi Summum Feb 08, 2020 1:06AM ET
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Back to $950.
Iftikhar Shakoor
Iftikhar Shakoor Feb 07, 2020 11:39PM ET
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Something good after long time
 
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