Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters.
Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photoplans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters.
Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the Model 3 and Model Y at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year.Tesla shares were down 5.8% at $116 in premarket trading.
Brokerage China Merchants Bank International said in a report issued on Tuesday that Tesla average daily retail sales in China from Dec. 1 through Dec. 25 were down 28% from a year earlier. It said Tesla recorded 36,533 retail sales in China from Dec. 1 through Dec. 25.
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