Monday, October 2, 2023
HomeEconomyTesla delays plans to expand Shanghai factory - Bloomberg

Tesla delays plans to expand Shanghai factory – Bloomberg


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Tesla had planned to start expanding the factory as part of a strategy to more than double its production capacity in China to meet China’s growing demand for its cars. Growing demand and export markets, Reuters reported in February.

This will help Tesla produce up to 2 million vehicles a year at its Shanghai factory.

But the reported delay in expansion could stall the U.S. automaker’s plans. Tesla shares down 3% to $11 in morning trade.

Tesla China did not immediately respond to a Reuters request for comment.

Last week, the company also lowered the price in China by 6% to . It hit 5% for the second time in less than three months, fueling predictions of a bigger price war amid weak demand in the world’s largest auto market.

Deliveries of Tesla China-made cars It hit its lowest level in five months in December. Tesla’s Shanghai factory, which was expanded last year, also exports cars to Europe.

CEO Elon Musk shifted attention and resources to social media platform Twitter concerns ahead of Tesla Pull has been a drag on the electric car maker’s stock. It lost more than 11 Percentage of last year.



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