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Tesla Inc. (NASDAQ: TSLA) has halted production at its Shanghai gigafactory for two days, Reuters reported early on Wednesday, citing internal communication.
Production will remain suspended on Wednesday and Thursday, according to the report. The scope of the halt could not be determined from the internal letters seen by Reuters, but unnamed sources familiar with the matter briefed the newswire that it just applied to general assembly lines.
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Tesla makes its Model 3 and Model Y vehicles at Giga Shanghai, a majority of which are exported.
China has been witnessing a sudden rise in COVID-19 cases, logging 3,387 cases on Tuesday alone, compared with 102 a month earlier. This has led to the country's government imposing restrictions to curb the spread of the virus, which is impacting production across industries.
Apple Inc. (NASDAQ: AAPL) supplier Foxconn also halted the production of iPhones at its Shenzhen factory earlier this week.
Price Action: Tesla shares closed 4.6% higher at $801.89 on Tuesday.
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.