What's Going On With Tesla Stock Today

Tesla Inc TSLA shares are trading lower by some 8.54% to $112.63. Reports suggest the company expedited its plans to shut down the Giga Shanghai plant gigafactory. Also, Chinese competitor Nio reduced its fourth-quarter delivery guidance, which could also be negatively impacting Tesla's price action.

What's Happening In Shanghai?

Our Benzinga team reported 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.

Tesla's Shanghai plant accounted for more than half of Tesla's output in the first three quarters of 2022...Read More

What's Going On With Rival Nio?

Nio lowered its fourth-quarter deliveries guidance from 43,000-48,000 units to 38,500-39,500 units.

It blamed its action on production and delivery challenges along with supply chain constraints due to the outbreak of the omicron variant of the coronavirus in many major Chinese cities.

“While our teams have strived to maintain continuous operations on all fronts, we were not able to reach our full capacities, particularly when there have been disruptions in delivery and registration procedures involving users,” the company said...Read More

According to data from Benzinga Pro, TSLA has a 52-week high of $402.67 and a 52-week low of $111.60.