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Tesla Inc (NASDAQ:TSLA), which is betting big on China to fuel growth, is apparently facing a setback in the country, according to a report in Bloomberg.
Following a one-month-long closure forced by the coronavirus scare, the Shanghai Gigafactory resumed operations in full swing only in late February.
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Tesla has shuttered operations at its Gigafactory located at the outskirts of Shanghai once again, Bloomberg reported Thursday, citing people familiar with the matter.
The workers, who were due to return to work Wednesday following a five-day Labor Day holiday, were asked to take a break until May 9, the report said.
Component shortage is blamed for the suspension, Bloomberg said, citing Chinese technology news site 36Kr.
"While Tesla's only car factory outside the U.S. is seeing delays in receiving parts for its Model 3 in the future, it's also facing problems with a crucial piece of manufacturing equipment that's being fixed, according to the people," the report said.
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Tesla stopped production at its Fremont, California facility beginning March 27 due to the shelter-in-place order that went into effect in the county. The plant has yet to restart operations.
The Shanghai Gigafactory closure virtually brings to standstill all of Tesla's productions globally. It remains to be seen if this will hurt the automaker's ambitious guidance of producing 500,000 vehicles in 2020.
Tesla shares were trading 0.62% higher at $787.44 at the time of publication.
Related Links:
Tesla Analysts Break Down Free Cash Flow, Fremont Shutdown, 2020 Expectations After Q1 Print
6 Reasons Why Morgan Stanley Says Tesla's Next Gigafactory Location Is Texas
Photo courtesy of Tesla.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.