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Tesla Temporarily Closes Its Shanghai Plant Due to Coronavirus

By Ding Yi / Jan 30, 2020 06:26 PM / Business & Tech

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Tesla has temporarily halted operations in its Shanghai plant at the request of the Chinese government, which is making efforts to curb the spread of the new coronavirus that originated in the city of Wuhan, according to a report by MarketWatch.

During an earnings call on Wednesday Tesla’s Chief Financial Officer Zach Kirkhorn said the Chinese government required the shutdown due to coronavirus fears, adding the shutdown will delay China-made Model 3 production for a week and a half.

The factory closure may slightly drag down quarterly profitability, but the impact is limited as the profit contribution from the Shanghai plant remains in the early stage, Kirkhorn said.

The executive noted that Tesla is also closely monitoring any supply chain issues that might emerge for vehicles produced in its main Fremont production base due to the shutdown.

Ahead of the earnings call, Tesla on Wednesday released its financial report for the fourth quarter of 2019, which showed that the automaker generated revenue of $7.38 billion in the quarter, just up 2% from the same period of 2018. Net income was $105 million, down from $140 million in the fourth quarter of 2018.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Tesla Switches to Baidu for In-Car Map Services

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