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Tesla stock falls again on report Shanghai production cuts will extend into January

AuthorSenad Karaahmetovic
Published 12/27/2022, 05:58 AM
Updated 12/27/2022, 06:18 AM
© 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.

Latest comments

good
Stop making up stories!!!
he sold billions of tsla.. 💩
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.
would say he'd buy it back cheaper but he moved funds into an even worse investment
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!
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.
 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
Yes, that is why you don't mix politics in yo business. text book example
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