Tesla extends production halt in Shanghai until Friday
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Tesla (NASDAQ:TSLA) extended the suspension of production at its Shanghai factory by at least another day, sources told Bloomberg.
The suspension at the Gigafactory in Shanghai started Monday amid a broad phased lockdown in the region. The break in production is expected to run through at least Friday.
Tesla told all employees to stay home, except for workers on emergency duty. The production halt hit at a time on the calendar that Tesla (TSLA) is typically making a late quarter push to boost deliveries, although Morgan Stanley noted that the company continues to transition beyond its core auto product.
"We believe Teslaâs role in constructing the EV supply chain (upstream) and EV infrastructure (downstream) will become increasingly evident to the investment community over the next few weeks/months," updated analyst Adam Jonas.
Shares of Tesla (TSLA) rose 0.28% premarket to $1,097.05.
Earlier: Tesla is ahead of peers in securing crucial nickel for batteries.