Tesla Inc TSLA shares are trading lower by 2.92% to $845.84 Tuesday afternoon following a report showing Chinese-made vehicles sold in July decreased month over month amid factory upgrades.
What Happened?
Tesla sold 28,217 Giga Shanghai-made cars in July. This represented a 64% month-over-month plunge from the 78,906 vehicles the company delivered in June. Sales declined by a more modest 14.4% drop from the year-ago period.
The U.S. EV giant shut down operations at the Giga Shanghai plant for about two weeks in the month for facility upgradation, Reuters reported earlier, citing an internal memo. This would serve to increase the weekly production rate from 17,000 units in July to 22,000 units, it added... Read More
Reuters says in the report that the output ramp-up at Tesla's most productive manufacturing hub comes after production losses during a two-month COVID lockdown in Shanghai hurt the company's profit margin in the second quarter.
According to data from Benzinga Pro, Tesla has a 52-week high of $1,243.49 and a 52-week low of $620.57.
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