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Tesla suspends production at Shanghai plant due to supply chain problems: report

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Tesla Inc. again suspended production at its plant in Shanghai, this time due to supply problems, This was reported by Reuters Monday night.

Citing two people familiar with the matter, Reuters reported that it is unclear if the problem in the supply chain will be resolved and production of electric vehicles can resume.

Tesla “suspended” production at a factory in Shanghai in late March, when a city of 25 million people was put in a brutal closure as COVID-19 cases increased. He did not open by the end of April, and reportedly tried to increase production to make up for lost time. The plant too close for a couple of days earlier in March due to COVID restrictions.

The carmaker is expected to release its April wholesale numbers for China in the coming days, and they are expected to decline sharply due to shutdowns. According to the China Automobile Association, the plant typically produces about 2,000 cars a day.

Tesla shares
TSLA,
-9.07%

since the beginning of the year decreased by 25% compared to the S&P 500
SPX,
-3.20%

This year decreased by 16%.

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