🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Exclusive-Tesla halts most output at Shanghai plant, April sales dive

Published 05/09/2022, 09:42 PM
Updated 05/10/2022, 07:21 AM
© Reuters. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at the carmaker's factory in Shanghai, China January 7, 2020. REUTERS/Aly Song
TSLA
-

SHANGHAI (Reuters) -Tesla Inc has halted most of its production at its Shanghai plant due to problems securing parts for its electric vehicles, according to an internal memo seen by Reuters, the latest in a series of difficulties for the factory.

The automaker's sales in China had already slumped by 98% in April from a month earlier, data released by the China Passenger Car Association (CPCA) showed on Tuesday, underscoring the hit from China's hard COVID-19 lockdowns.

Shanghai is in its sixth week of an intensifying lockdown that has tested the ability of manufacturers to operate amid hard restrictions on the movement of people and materials.

Tesla (NASDAQ:TSLA) planned to manufacture fewer than 200 vehicles at its factory in the city on Tuesday, according to the memo, far below the roughly 1,200 units per day it had ramped up to shortly after reopening on April 19 following a 22-day closure.

Tesla did not respond to a request for comment.

After reopening, the factory produced 10,757 vehicles by the end of April, selling 1,512 of them, the CPCA said.

That compared to 65,814 cars sold in March and marked the lowest sales tally since April 2020, four months after the factory started delivering China-made cars.

Tesla did not export any China-made Model 3s and Model Ys from the Shanghai plant in April, the data showed.

Two people familiar with Tesla's operations said earlier that the Shanghai plant suspended work on Monday after it faced difficulties procuring supplies.

The company had been aiming to increase output at the plant to 2,600 cars a day as soon as next week, Reuters reported previously.

Overall passenger car sales for China, the world's largest auto market, dropped almost 36% in April from a year earlier, the CPCA said. However, sales of battery-electric vehicles and plug-in hybrids - a category China targets for incentives - rose more than 50%, boosted by particularly good performances by BYD and SAIC-GM-Wuling.

© Reuters. FILE PHOTO: Tesla China-made Model 3 vehicles are seen during a delivery event at the carmaker's factory in Shanghai, China January 7, 2020. REUTERS/Aly Song

Another auto association estimated last week that overall auto sales in China had dropped 48% in April as lockdowns shut factories, limited traffic to showrooms and put the brakes on spending.

Shanghai authorities have tightened a city-wide lockdown imposed more than a month ago on the commercial hub with a population of 25 million, a move that could extend curbs on movement through the month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.