Tesla Inc TSLA shares are trading lower Wednesday. Weakness appears to be related to overall market concerns amid economic uncertainty as well as concerns in China. Tesla's Gigafactory Shanghai was forced to shut down following a citywide lockdown in response to a COVID-19 surge.
According to an Elektrek report, Tesla doesn't expect to be able to reopen its China-based factory until "at least Friday." The report indicates that reopening the factory Friday will be a challenge for Tesla given the extended lockdown measures that have been put in place.
Tesla reportedly planned to restart production last week, but wasn't able to get enough workers to come back. The same thing occurred at the beginning of the week. Now that Chinese authorities have extended the lockdown indefinitely, it's unclear how long the factory will remain shut down.
Tesla reportedly makes more than 2,000 vehicles per day at Gigafactory Shanghai. Even if the EV maker is able to restart production Friday, it will be about 24,000 vehicles behind schedule.
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TSLA 52-Week Range: $546.98 - $1,243.49
According to data from Benzinga Pro, the stock was down 4.46% at $1,042.60 at time of publication.
Photo: courtesy of Tesla.
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