Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Technology
Rachit Vats

Tesla Giga Shanghai Resumes Production After 48-Hour Halt: Report

Tesla Inc (NASDAQ: TSLA) on Friday resumed production at Giga Shanghai following a two-day suspension, Reuters reported, citing people familiar with the matter.

What Happened: The Elon Musk-led electric vehicle maker had halted production at the factory as curbs were imposed by China to ease a COVID-19 outbreak.

Many workers have returned to their positions after being cordoned off for 48 hours following mandatory COVID-19 tests, the report said.

Tesla did not immediately respond to Benzinga’s request for comment.

Why It Matters: Tesla had reportedly suspended production at its Shanghai factory for two days, raising concerns of a further logjam to the already messed up global supply chains.

Loup Ventures analyst Gene Munster said on Wednesday that China appeared to be leveraging pandemic and geopolitical circumstances to further disrupt global supply chains.

Price Action: Tesla stock closed 3.7% higher at $871.6 a share.

Photo courtesy: Tesla Inc

 

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.