Tesla looks to production in Shanghai back to targeted levels
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Tesla (NASDAQ:TSLA) plans to incrementally boost output at its Shanghai plant, according to an internal memo.
The electric vehicle maker is increasing production by 2,600 vehicles a day after May 16 as part of a recovery from the recent lockdowns around parts of Shanghai that were deemed hot zones by the government.
The weekly rate of production is estimated to be increasing to 16,900 vehicles based on the average Tesla work week.
The Shanghai factory makes Tesla's (TSLA) Model 3 and Model Y vehicles.
Shares of Tesla (TSLA) rose 0.47% premarket on Friday to $877.36.
Tesla and Nio led a big down day in the EV sector on Thursday.