Shares of Tesla are set for the lowest opening since August last year following a report that raises another day of production delays at the Shanghai gigafactory.
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Tesla (TSLA) - Shares fell on Monday, including pre-market profits, following a report that the carmaker would delay a full return to his Shanghai company at least one day.
According to reports on Monday that Tesla would not return to delivering 2,600 vehicles daily to Giga 3, the lynchpin factory in Shanghai, until Tuesday, as it continues to struggle for staff and parts related to Covid's recent city closure. The industry was expected to return to full performance from today.
The evolving Covid case rate in Shanghai, however, suggests that Tesla may be fully operational in the next 16,000 weeks, as new infections in China's largest city dropped to 622 in two months on Monday.
Tesla said last month the delivery of the current quarter should be flat compared to the first three months of the year, even the weeks-long closure of its Shanghai supermarket - which made up almost half of the group's vehicles last year - in the middle of China 'zero Covid' crackdown. The annual delivery rate stands at 1.47 million units.
The China Passenger Car Association (CPAC) said Tesla produced 10,757 vehicles last month, sold more than 1,500 and exported, due to the 22-day closure of its Shanghai facility, prompting the Model 3 sedan and Model Y crossover, during the closure. of the city Covid. April figures are the lowest for 2 years and compare with a total sales of 65,814 in March.
Tesla shares marked 2.4% lower in the pre-trading period to change hands with the opening price of $ 648.25 each, which has been open since August last year.
Tesla closed in 2022 low on Friday as CEO Elon Musk promised that a clean carmaker's fortune was on his mind '24/7 'as covert media continued to search for the richest man in the world.
Musk said he spends about 5% of his time on Twitter taking $ 44 billion, and noted that his main focus was SpaceX and Tesla's commitments as he sought to alleviate investors' concerns that he had been severely disrupted.
Tesla shares have dropped by almost 37 percent since Musk made 9.1% of his share on Twitter publicly on April 4 as investors accounted for both of Musk's loans, Tesla's nearly $ 9 billion share sale and billionaire leadership portfolio, which includes. space exploration teamXXX, Boring Company construction company and neurotechnology specialist Neuralink Corp.
Musk also dismissed reports, which surfaced last Thursday, of sexually abusing a private flight attendant in 2016 as "absolutely untrue", saying it was "politically motivated" and added "there is much more to this." story. "
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