More negative news for Tesla, suspended Shanghai plant production, according to Reuters
Production 17 days in January Jan. 3 to Jan. 19 stop electric vehicle output Jan. 20 to Jan. 31 for Chinese New Year
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 did not immediately respond to a request for comment from Reuters.
Tesla shares were down 5.8% at $116 in premarket trading. The stock has dropped 56% since the start of October with investors citing concern about demand, including China, and the overhang of Chief Executive Elon Musk’s involvement in Twitter and his recent Tesla share sales.
Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported.