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Tesla Shanghai Resumes 80% Production at Giga Factory

Stock Markets May 02, 2022 07:52AM ET
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© Reuters. Tesla (TSLA) Shanghai Resumes 80% Production at Giga Factory

According to Chinese officials, as of Saturday, Tesla (NASDAQ:TSLA) has resumed over 80% production at its Shanghai Giga Factory. Tesla was part of the first whitelist of companies put together by Shanghai that were flagged to resume production in a staggered manner.

The company recently re-opened in what they called a “closed-loop system,” meaning; nobody goes in or out: employees lived and worked at the factory. By April 22, Elon Musk mentioned that Giga Shanghai was “coming back with a vengeance.”

To orderly promote work resumption in key sectors, Shanghai has drawn up a second list of 1,188 companies, mainly in sectors including integrated circuits, automobile manufacturing, equipment manufacturing and biomedicine, Zhang Hongtao, chief engineer of the Shanghai Economic and Information Technology Commission, said during a press conference held in Shanghai on Saturday.

“We are ramping up efforts to help companies solve difficulties in resuming production,” Zhang said.

China has so far allowed a total of 1,854 companies to resume production.

By Michael Elkins

Tesla Shanghai Resumes 80% Production at Giga Factory
 

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jobbar jilani May 02, 2022 8:07AM ET
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