Tesla’s stock (TSLA) is up in pre-market trading on Monday after releasing new record delivery numbers this weekend, despite investors learning that Gigafactory Shanghai is unable to restart production today.
As we reported on Saturday, Tesla released its Q1 2022 delivery and production results and beat its all-time delivery record with 310,000 EVs despite a difficult quarter.
One of the main difficulties has been two shutdowns of Gigafactory Shanghai, including one at the end of the quarter that is still extending into Q2 2022.
The latest shutdown is due to citywide lockdowns in Shanghai to try to prevent the spread of COVID-19 cases amid a surge in infections.
Tesla was supposed to restart production this weekend, but it couldn’t make it work as it wasn’t able to secure enough workers and suppliers.
The automaker was expected to attempt again a restart of production on Monday, but Reuters reports that it has been delayed again:
Tesla has notified workers and suppliers that production at its Shanghai factory will not resume on Monday as it had hoped, according to an internal notice shared with Reuters.
Tesla has now missed a full week of production at Gigafactory Shanghai, its most productive factory in the world.
The automaker produces more than 2,000 vehicles per day at the factory, which would mean that it missed out on at least 14,000 electric vehicles so far.
It wasn’t clear how investors would react today between the report of record deliveries in Q1 2022 versus Tesla’s biggest factory remaining inactive, but Tesla’s stock (TSLA) is up more than 1% in pre-market trading – showing that the former outweighs the latter in the eyes of investors.
Electrek’s Take
With the second stage of the Shanghai lockdown lifting later this week, Tesla is expected to be able to reopen the factory, but it could take a while to ramp back up to full production.
It is likely to have a decent impact on Q2 2022 production numbers. One would think that the production ramps at Giga Berlin and Texas would compensate for the slow start of Shanghai in Q2, but I think the Giga Berlin still relies on Giga Shanghai and other Chinese suppliers.
This situation is likely going to have a bigger impact than investors might think.
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Author: Fred Lambert
Source: Electrek
