Tesla Extends Operations At Reduced Capacity In Shanghai Giga Plant

Tesla, Inc's TSLA internal schedule reflected plans to run a reduced production schedule at its Shanghai Giga plant in January, extending the reduced output it began this December into next year.
Tesla will run production for 17 days in January between January 3 - January 19 and stop electric vehicle output from January 20 - January 31 for an extended break for the Chinese New Year, Reuters reports.
Tesla did not specify a reason for the production slowdown in its output plan.
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Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December.
Tesla's latest production cuts in Shanghai coincided with the rising wave of infections after China eased down its strict COVID policy in December.
Like other automakers, Tesla battled a downturn in demand in China, the largest auto market forcing it to dole out incentives for its buyers and cut prices.
Tesla's Shanghai plant accounted for more than half of Tesla's output in the first three quarters of 2022.
Based on forecasts for the fourth quarter, analysts expect output to fall short of its goal by about 45%.
Price Action: TSLA shares traded lower by 5.16% at $116.78 in the premarket on the last check Tuesday.