Tesla announces temporary shutdown of two U.S. plants, plunges 8% after stock price

BEIJING, March 20 (Xinhua) — Tesla announced thursday after the outbreak of new coronary pneumonia, decided to temporarily shut down the Fremont plant in California and a plant in New York after March 23, and other plant facilities will continue to operate. Tesla said it was implementing “contactless vehicle delivery” to reduce contact with Tesla workers during the outbreak.

Tesla announces temporary shutdown of two U.S. plants, plunges 8% after stock price

Tesla also said it had a cash position of $6.3 billion before the end of the fourth quarter and about $3 billion in credit. Tesla says its liquidity is effective and believes it can respond effectively to negative uncertainty.

Tesla’s shares plunged 8 percent after the announcement. At Thursday’s close, Tesla jumped 18.39 percent to $427.64.

Workers have been lobbying Tesla’s management to shut down the plant, or at least tell them about the company’s response during the COVID-19 pandemic. Earlier this week, they launched a petition through Change.org. Tesla employees were told Monday that the plant is still open, though they can stay at home if they feel uncomfortable or uncomfortable.

Morgan Stanley’s rating was previously raised to a stake.

Tesla’s Shanghai super factory, which resumed construction on February 10, was one of the first large companies in the country to start re-production.

Tesla’s Shanghai Super plant said on March 19. “We have reached a return rate of more than 91% since March 6, and our production capacity has now exceeded the pre-new level of pneumonia. “