Tesla’s shares rose after it confirmed that Alameda County had allowed its Fremont plant to resume production. Earlier, Tesla announced that its Fremont, California, plant would be temporarily shut down from March 24 to comply with regulations during the outbreak.
On Monday, Tesla’s chief executive, Elon Musk, restarted production at its California plant, despite disagreements over the plant’s resumption of work in Alameda County, where the plant is located.
On Tuesday, Alameda County “agreed” to Tesla’s restart of production at its California plant as early as this week, provided that specific security measures and social distance agreements are in place.
Over the weekend, Laurie Shelby, Tesla’s head of human resources, told employees that they had been formally approved to get back to work.
“We have local support to resume full production of the plant from next week,” he said. We are glad to be able to get back to work. “What he said at the time was “next week”, that’s this week.
However, it will take some time for Tesla’s Fremont plant to reach pre-production levels after it reopens and re-produces electric vehicles.
Tesla shares rose as much as 4 percent on Monday morning local time on news that the Fremont plant had been allowed to resume production. As of the time of writing, the company’s shares were trading at $812.32, up 1.65 percent.