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Tesla Inc (NASDAQ: TSLA) has ramped up production at its Giga Shanghai factory by over 80%, China’s state media Global Times reported on Saturday, citing an official.
What Happened: Tesla was part of the first whitelist of companies put together by Shanghai that were flagged to resume production in a staggered manner.
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Besides Tesla, the first list included China’s SAIC Motor and semiconductor firms as well, the report said, citing Zhang Hongtao, chief engineer of the Shanghai Economic and Information Technology Commission.
The second whitelist of 1,188 companies adds more sectors, including integrated circuits, automobile manufacturing, equipment manufacturing, and biomedicine to resume production.
China has so far allowed a total of 1,854 companies to resume production.
Tesla did not immediately respond to Benzinga’s request for comment.
See Also: COVID-19 Lockdowns In China Hurt Nio, XPeng And Li Auto: How Do April Deliveries Stack Up?
Why It Matters: China’s month-long extensive lockdowns to curb COVID-19 cases brought automotive and other production to a near standstill. Besides Tesla, Germany’s Volkswagen Group (OTC: VWAGY), Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV) and others have all been hit by the curbs.
Nio, Xpeng and Li Auto (NASDAQ: LI) all reported lower deliveries for last month over March on Sunday.
Price Action: Tesla closed 0.7% lower at $870.7 a share on Friday.
Photo courtesy: 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.