- 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.
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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 $US255 when the company reported a surprise third-quarter profit in October to around $US800 when markets opened on Monday.
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