Stock Plunge Tesla, Factory Halted Due to China COVID-19 Impact

Reuters "Year-end shutdown likely moved up"
Stock prices continue to fall... Closed at $123.15 on the 23rd

Tesla Stock Price Trend This Year

American electric vehicle company Tesla has halted production at its Shanghai factory, Reuters reported on the 24th (local time). The media interpreted this as a measure due to the increase in COVID-19 infections in China and the rise in vehicle inventory caused by the slowdown of the Chinese economy.

The report cited an internal notice from Tesla's Shanghai factory and sources, stating, "The company canceled the morning shift and informed all workers to take leave." Earlier, Reuters had reported that Tesla would suspend Model Y production at the Shanghai factory from the 25th until January 1st of next year, and this measure is seen as an advancement of the planned shutdown during the last week of December.

Another source said, "Workers at the Shanghai factory and parts suppliers were infected with COVID-19. This caused difficulties in factory operations last week."

Meanwhile, Tesla's stock price continues to decline, raising concerns that the factory shutdown could be another negative factor. As of the 23rd, Tesla closed at $123.15, down 1.76% from the previous trading day. This contrasts with the situation earlier this month when the stock price exceeded $180. In just the past week, the stock has fallen by 18%, wiping out $85 billion (approximately 109 trillion KRW) in market capitalization.

This content was produced with the assistance of AI translation services.