Tesla reopened its Shanghai factory after a government-ordered closure caused by the coronavirus
- Tesla reopened its Shanghai factory on Monday after a government-ordered closure.
- Deliveries for Tesla's Model 3 have been delayed early this month.
- Tesla started delivering vehicles made at the Shanghai in December, less than a year after construction of the factory began.
- Visit Business Insider's homepage for more stories.
Tesla reopened its Shanghai factory on Monday, the Japanese publication The Asahi Shimbun reported. The Shanghai government had announced the reopening on Saturday.
A Tesla executive in China said last week that deliveries of Tesla's Model 3 sedan scheduled for early this month would be delayed. Her announcement followed one from Tesla CFO Zach Kirkhorn, who said in late January that Tesla was expecting a production delay at the Shanghai factory of one to one-and-a-half weeks due to a government-ordered closure motivated by the Wuhan coronavirus. Kirkhorn said at the time that the closure wouldn't have a significant impact on Tesla's first-quarter financial results, as the Shanghai factory is not yet a major contributor to the company's earnings.
Tesla started delivering Model 3 sedans made at the Shanghai factory in December, only 11 months after construction of the facility began. Tesla's rapid progress on the Shanghai plant likely contributed to the massive increase in the company's stock price over the past four months, from $255 when the company reported a surprise third-quarter profit in October to around $800 when markets opened on Monday.
Are you a current or former Tesla employee? Do you have an opinion about what it's like to work there? Contact this reporter at mmatousek@businessinsider.com. You can also reach out on Signal at 646-768-4712 or email this reporter's encrypted address at mmatousek@protonmail.com.
- Read more:
- Tesla surges 9% after reopening its Shanghai factory following coronavirus shutdown
- Investors who have been stunned by Tesla's stock-price surge need to keep a key vulnerability in mind
- We spoke with a Robinhood trader who says he made a 2,500% return from Tesla's stock rally. Here's how he did it.
- Elon Musk said the worst job he's ever had was so dangerous, it put him at risk of getting hyperthermia
