Tesla said to boost output at Shanghai plant over the next two months
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EV giant Tesla (NASDAQ:TSLA) is looking at boosting output at its Shanghai plant in February and March, Reuters reported Wednesday citing a company memo and people familiar with the matter.
To fulfill increasing demand led by price cuts on its best selling model, announced earlier this month, the company plans to produce an average of 20,000 units per week at its Shanghai factory for the next two months, according to Reuters.
Tesla did not immediately respond to a request for comment from Reuters.
On the Q4 results conference call, Chief Executive Elon Musk said orders were roughly double production in January after global price cuts. He also said that 2023 deliveries could hit 2M vehicles, if there was no external disturbance.
The company's average daily retail sales in China during the first 29 days in January surged 36% Y/Y to 25,686 vehicles.
Looking back, TSLA delivered 55,796 China-made electric vehicles in December, according to the China Passenger Car Association, a 44% M/M decline and 21% drop Y/Y as in December, the Shanghai plant had cut output by about a third from November.
Looking longer-term, shares have lost around 44.5% past 12 months, but have bounced back with 60% gains so far in 2023.
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