Tesla to cut back on Model Y production from Shanghai in December
Xiaolu Chu

Tesla (NASDAQ:TSLA) plans to suspend Model Y assembly at the Shanghai Gigafactory for the last week in December in an unexpected move that is different than what the company did last year at the very end of Q4.
Sources indicated the suspension of Model Y assembly between December 25 and January 1 would be part of a cut in planned production of about 30% in December for the model from the Shanghai factory.
Per an internal memo, Tesla (TSLA) is targeting production of just over 20K Model Y vehicles for the last three weeks of December combined, including the week of suspended output vs. a Model Y production rate of about 13K per week in November.
Yesterday, Piper Sandler pointed out that year-over-year drops in China auto retail sales for both October and November were the first since 2008.
Shares of Tesla (TSLA) moved up 0.44% in premarket trading. TSLA trailed Chinese EV stocks Li Auto (LI), Nio (NIO), and Xpeng (XPEV) on a year-to-date basis.