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Ketli Louis
Dec 27, 2022 11:30AM ET
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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
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.
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Comments (4)
Jimmy Tsang
Dec 27, 2022 10:37AM ET
Stop making up stories!!!
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ji ll
Dec 27, 2022 9:43AM ET
he sold billions of tsla.. 💩
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Charles ODonnell
Dec 27, 2022 9:43AM ET
So what is your point? He bought Twitter and is going to fix it...said he needed some dry powder to cover the bases during the expected recessionary period. Just like you and I.. hopefully we have emergency cash available.
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John Kelley
Dec 27, 2022 9:43AM ET
would say he'd buy it back cheaper but he moved funds into an even worse investment
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gab nea
Dec 27, 2022 7:10AM ET
this guy just built a battery factory in china, while every other company is running away from china, no wonder tesla is tanking, maybe he could dump billions worth of his stock? hellscape expanding to tesla!
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Karl Maerz
Dec 27, 2022 7:10AM ET
Tesla is far from “tanking”. It has billions in cash, zero debt and 2 more gigafactories ramping up production. It is as close to recession proof as a company can get. A two week slowdown at one of 4 factories is hardly cause for a panic.
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Charles ODonnell
Dec 27, 2022 7:10AM ET
Time to buy Tesla...COVID outbreak temporarily depressing factory output in China and their new years holidays is a week long in Jan which shuts down the plant. All temporary hold-ups.
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Never CallMe
Dec 27, 2022 7:10AM ET
Erski Gumby he is such a genius that he exposed his extreme right wing politics via his Twitter shenanigans and pissed off all the left leaning consumers who were most likely to purchase Teslas. Both Tesla and Twitter are in deep doo doo.
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Peter ONeill
Dec 27, 2022 7:10AM ET
Karl Maerz It was also priced at hitting 50% growth EVERY year between now and 2030 - something it will NOT get when in a recession (Musk even saying as much as he sold more shares). Musk likes shouting about how huge waiting lists for Tesla are (Just like how he says huge user numbers on Twitter since he took over). You do not start closing plants and offering large discounts if you have years of waiting lists. Is Tesla a good long term buy? Yes..but fair 'recession' value is still about $60
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Thomas Bjerre Kristiansen
Dec 27, 2022 7:10AM ET
Yes, that is why you don't mix politics in yo business. text book example
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