💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

Tesla's German plant lowers production target amid slower output - Business Insider

Published 08/23/2023, 06:17 AM
Updated 08/23/2023, 06:21 AM
© Reuters. FILE PHOTO: A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret Hilse/File Photo
TSLA
-

BERLIN (Reuters) - Tesla (NASDAQ:TSLA) lowered the production target of its German plant to 4,350 a week in July and August after hitting 5,000 a week in March, and plans to reduce it further, according to a Business Insider report citing internal documents and anonymous sources.

The U.S. carmaker had posted on X, the social media platform formerly known as Twitter, in late March that it hit 5,000 cars per week at the plant in Gruenheide near Berlin, but workers who declined to be named told Business Insider that this was a one-off and average output since then had been much lower, the article said.

Tesla said in June it was hiring fewer temporary workers than it did in the beginning because they were no longer needed but that its production targets were on track.

Business Insider said pictures showing Tesla's internal workflow software indicated that the U.S. EV maker had lowered its target for July and August to 870 cars per day.

Even this goal was not always reached, with just 692 cars produced on July 25 and 806 on July 28, according to the pictures of the software published in the report.

The internal target had since been adjusted further down to 750 cars per day, amounting to less than 4,000 a week, the article said, citing unnamed workers at the plant.

Tesla did not immediately respond to a Reuters request for comment. Business Insider said the company did not comment on a series of questions on the plant's output.

The carmaker has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and other incentives to reduce inventory, as it tries to shield against competition and economic uncertainty.

© Reuters. FILE PHOTO: A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret Hilse/File Photo

Tesla announced in July it planned to expand the Gruenheide factory's capacity to 1 million cars per year, but did not provide a timeline and has previously declined to comment on when it would reach 6,000 cars a week at the plant.

Output hit 4,000 cars per week in late February, ahead of a production schedule seen by Reuters, but appears to have slowed down since then, according to the Business Insider report.

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.