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https://www.benzinga.com/news/20/05...y-shutdown-but-says-its-all-according-to-plan
Tesla Confirms Shanghai Gigafactory Shutdown, But Says It's All 'According To Plan'
https://www.benzinga.com/users/neer-varshney
Neer Varshney, Benzinga Staff Writer
May 08, 2020 3:46am 1 min read Comments
Tesla Inc. TSLA 5.05% on Thursday confirmed that its Shanghai Gigafactory is currently shut down for production, the Nikkei Asian Review reported on Friday (Tokyo time).
What Happened
The electric vehicle maker however denied earlier reports that suggested the closure was due to a "component shortage" that the manufacturing plant was facing.
"Tesla Shanghai is adjusting to normal production due to test run and maintenance of production lines that were carried out during the recent holidays," Tesla said in a statement, according to the Nikkei. "All work is being executed according to plan."
Bloomberg earlier reported that following a five days long public holiday in China starting May 1, workers at the Shanghai plant were asked to extend the break until May 9.
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Why It Matters
The Chinese gigafactory was the sole Tesla plant that was still seeing manufacturing, as the automaker's facilities in the United States remain shut due to shelter in place orders imposed to curb the novel coronavirus (COVID-19) pandemic.
Analysts deem Tesla's Shanghai plant to be critical in getting in near to its touted production target of 500,000 units for the year 2020.
Tesla is also reportedly looking to restart production at its Fremont factory on Friday through next week in a phased manner.
Tesla Confirms Shanghai Gigafactory Shutdown, But Says It's All 'According To Plan'
https://www.benzinga.com/users/neer-varshney
Neer Varshney, Benzinga Staff Writer
May 08, 2020 3:46am 1 min read Comments
Tesla Inc. TSLA 5.05% on Thursday confirmed that its Shanghai Gigafactory is currently shut down for production, the Nikkei Asian Review reported on Friday (Tokyo time).
What Happened
The electric vehicle maker however denied earlier reports that suggested the closure was due to a "component shortage" that the manufacturing plant was facing.
"Tesla Shanghai is adjusting to normal production due to test run
Bloomberg earlier reported that following a five days long public holiday in China starting May 1, workers at the Shanghai plant were asked to extend the break until May 9.
Own the Top-Performing Breakout Stock Every Month?
We all want to own breakout stocks every month. The only problem is finding them takes too long. Until now.
Benzinga's Breakout Opportunity Letter sends you the name and ticker symbol of a breakout stock every month. Best of all, you can subscribe today with a special introductory offer.
Click here to discover the next potential breakout stock.
Why It Matters
The Chinese gigafactory was the sole Tesla plant that was still seeing manufacturing, as the automaker's facilities in the United States remain shut due to shelter in place orders imposed to curb the novel coronavirus (COVID-19) pandemic.
Analysts deem Tesla's Shanghai plant to be critical in getting in near to its touted production target of 500,000 units for the year 2020.
Tesla is also reportedly looking to restart production at its Fremont factory on Friday through next week in a phased manner.
