Tesla plans to slow production in Shanghai for two weeks for upgrades before big ramp
Win McNamee/Getty Images News

Tesla (NASDAQ:TSLA) plans to partially suspend production at its Shanghai plant in the first two weeks of July to work on an upgrade of the site, according to Reuters.
Following the upgrade, the electric vehicle maker hopes to boost the production rate at the site to a record level by the end of the month and approach its target of 22K cars produced (consisting of 8K Model 3s and 14K Model Ys) a week. The Shanghai factory has been producing vehicles at a rate of 17K units a week since the middle part of June, per an internal Tesla (TSLA) memo.
Tesla (TSLA) expects to make up for some of the Shanghai COVID delays in Q2 with a strong run rate in Q3 and Q4.
Shares of Tesla (TSLA) rose 2.51% on Wednesday to $728.99, which placed it in the middle of the EV pack in morning trading.
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