Caixin
May 25, 2022 02:52 PM
BUSINESS

Tesla’s Stubborn China Production Problems Weigh on Stock

Tesla’s Gigafactory illuminates the night in Shanghai. Photo: Bloomberg
Tesla’s Gigafactory illuminates the night in Shanghai. Photo: Bloomberg

(Bloomberg) — Tesla Inc. shares struggled Tuesday as the electric-vehicle maker’s production woes in China refuse to go away, leading another analyst to slash his 12-month price target on the once high-flying stock.

“With about 13,000 units of production per week and higher than average margins, any production loss at Shanghai is bound to have a significant impact on margins and earnings,” said Daiwa analyst Jairam Nathan, who cut his price target to $800 from $1,150.

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