Workers Return to Giga Shanghai After Shutdown Due to Coronavirus

Workers Return to Giga Shanghai After Shutdown Due to Coronavirus”

Shares of the Elon Musk-led automaker gained as much as 9% in early trading Monday, continuing to climb following a volatile week for the stock.

Tesla's Shanghai Gigafactory resumed operations on Monday after weeks of a government-mandated temporary shutdown due to the coronavirus outbreak in China, Japanese outlet The Asahi Shimbun reported today. The company will also receive assistance from the Chinese government to resume production, Markets Insider reported.

Speculations have it that Tesla had warned the authorities that the company would witness a week and half of delay in upgradation of Shanghai built Model 3 cars due to the virus outbreak, which has now severely disturbed communications and supply chains across the country.

Meanwhile, Xu Wei, the Shanghai municipal government spokesman reportedly quoted that government is set to render all kinds of support to key manufacturing firms including Tesla in resuming the businesses amidst practical difficulties faced.

More news: Want to catch up to Samsung's new devices? These infographics will help

A Tesla executive in China said last week that deliveries of Tesla's Model 3 sedan scheduled for early this month would be delayed. It's good news for the Chinese people and Tesla, but it's not expected that the factory will return to full speed immediately. Last week, the stock posted double-digit gains on Monday and Tuesday and reached as high as US$968.99 per share before falling 17% on Wednesday, the report said.

It fell on fears that the stock's rapid climb was a bubble, or that it was fuelled by a short squeeze, which is when short-sellers stop betting against a stock as the price gains push losses to the limit.

Tesla's Shanghai plant to recommence its production with state government support amid the pandemic spread.

Tesla reported $1.3 billion of expenditures for all of previous year, well below its initial plan for as much as $2.5 billion.

Like this



13 February 2020
Trump praises Barr, attacks prosecutors in Roger Stone case
That is why the Justice Department's inspector general must investigate this episode and why Atty. The Justice Department confirmed Barr would testify.

13 February 2020
Real Madrid, Atletico set to battle for Mohammed Salisu
In a frustrating twist of fate not lost on those at Camp Nou, Ronaldo would go on to spend the most productive spell of his career at Real Madrid .

13 February 2020
Call Of Duty Modern Warfare Battle Royale Titled Call Of Duty: Warzone?
Will be STANDALONE free-to-play game this could SERIOUSLY be an insane game changer for the franchise. In my opinion, this is a clever move that will bring more players to the game.

13 February 2020
United Kingdom economy stagnates as annual growth is just 1.4 per cent
Total industrial output dropped by 1.8% in December, against a -0.8% reading expected and the previous -1.6% print. Economists said lingering uncertainty over Brexit and December's general election likely weighed on activity.

13 February 2020
WhatsApp reaches 2 billion users
As a comparison, the latest figures show Facebook Messenger now comes second with 1.3 billion and WeChat has 1.13 billion. Coworkers can collaborate, and businesses can grow by easily connecting with their customers.

13 February 2020
Hong Kong Sevens reportedly postponed due to coronavirus
The Hong Kong marathon and Hong Kong Longines Masters showjumping event have both been cancelled. Stay with us for updates and the World Rugby announcement.

13 February 2020
USA authorises consulate staff to leave Hong Kong over coronavirus
The World Health Organisation said while the coronavirus may be over in China by April, it's now the world's biggest threat. But Leung told the Guardian the scale of how the virus spreads is what is important.

13 February 2020
Coronavirus changes name but risk remains
ANZ Bank said China's first-quarter growth would probably slow to 3.2% to 4.0%, down from a projection of 5.0%. The Dow industrials, S&P 500 and Nasdaq all hit new highs, and Asian shares nudged higher on Wednesday.

13 February 2020
NHL-worst Red Wings defeat league-best Bruins for 2nd time
Detroit is tied for 30 in the league on the power play as they convert 14.5 percent of their chances with the man advantage. The Detroit Red Wings are in the midst of what can only be described as an egregious tanking season.

13 February 2020
World Health Organization names coronavirus Covid-19 as China, Japan report rise in infections
The outbreak is suspected to have originated in the Hubei provincial capital of Wuhan in December. AFRICA: As of yet, no confirmed cases of the coronavirus have been reported in the region.