After estimating that the novel coronavirus (COVID-19) outbreak in China would only cause their business a week-and-a-half production delay, Tesla now acknowledges 'health epidemics' as a material risk in their annual financial filing.
Tesla recently estimated that a novel coronavirus outbreak in China would only cause their business a week-and-a-half production delay.
"At this point, we're expecting a one to one-and-a-half week delay in the ramp of Shanghai built Model 3 due to a government required factory shutdown. This may slightly impact profitability for the quarter, but is limited as the profit contribution from Model 3 Shanghai remains in the early stages. We are also closely monitoring whether there will be interruptions in the supply chain for cars built in Fremont. So far we're not aware of anything material.
Tesla CEO Elon Musk on the same call that, even though shares were soaring higher by the week, he had no plans to raise capital, and Tesla would focus on lowering the cost of its battery production instead. "We are still generating positive cash. In light of that, it doesn't make sense to raise money because we expect to generate cash despite this growth level," he said.So far, COVID-19 has taken at least 1,369 lives and infected more than 60,300 people.
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