AUTO - Tesla Stock Rose After It Said It Would Halt Model Y Manufacturing in China Until the End of the Year
Tesla ( NASDAQ:TSLA )
According to a story published today by Reuters, which cites an internal document and persons with knowledge of the situation, Tesla ( NASDAQ:TSLA ) will halt production of the Model Y at its facility in Shanghai between December 25 and January 1.
According to two sources familiar with the matter, Tesla’s best-selling vehicle, the Model Y, is scheduled to see a reduced production of around 30% at its facility in Shanghai due to a stoppage in assembly at the end of the current month.
According to the document, Tesla stock plans to produce slightly more than 20,000 Model Y automobiles for the last three weeks of December combined. This number takes into account the week during which production was halted. It needed to be made clear how or if the planned halt of production of the Model Y would influence the output of Model 3, but it was scheduled to take place in the final week of the month. Model Y accounts for the Shanghai factory’s most significant proportion of total output.
According to reports from Reuters and Bloomberg published on Monday, Tesla intended to reduce the production of the Model Y at its Shanghai facility by more than 20% in December compared to November levels. A spokeswoman for Tesla had said at the time that the story was “fake” but had not elaborated more.
This week, Beijing announced substantial relaxations to its zero-COVID policy. Still, an organization representing the automotive sector said on Thursday th...
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