Wednesday, June 19, 2024

Tesla cuts production by 20 percent

New data shows that Tesla is well on its way to reducing production at its largest factory, the one in Shanghai, by 20 percent.

Things are not exactly looking bad for Tesla. But it has looked much better.

And the car brand is now taking the consequences. Production at Tesla's largest factory, located in the Chinese city of Shanghai, falls by 20 percent.

Reuters writes that.

If you can otherwise rely on Chinese figures, however, it is already before Tesla made that decision that the brand has gone backwards.

READ ALSO: Motorist gets DKK 1,000 fine for Denmark's smallest mistake

According to the China Association of Automobile Manufacturers, Model production fell by 17.7 and 33 percent in March and April, respectively, when compared to last year.

Giga Shanghai is Tesla's largest factory to date. The factory can build over 950,000 cars per year. Despite increased competition – and therefore ever greater pressure on the price – according to Reuters, Tesla still aims to sell at least 600,000 cars in China this year.

There are currently no reports on whether Tesla will cut other factories. Neither the ones in the USA nor the one just outside Berlin. The car brand's only factory on European soil so far.

However, that particular factory has been the subject of a lot of trouble lately. Among other things, some environmental activists back in March took the blame for an attack on the factory. Read more about it here .

Conversely, Tesla has also disappointed. The shareholders that the car brand wants to approve a gigantic salary package of DKK 400 billion for the managing director, Elon Musk, had earlier this year to eat an annual report that was far below expectations.

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