Tesla secures $565m loan for Shanghai plant

Tesla's China Factory Reportedly Halts Production Due to Component Shortage

Tesla's China Factory Reportedly Halts Production Due to Component Shortage

According to Tesla's first-quarter financial results published at the end of April, the production rate of Tesla's Model 3 sedans in its Shanghai gigafactory will top 4,000 units per week by mid-2020.

Tesla has halted production at its factory in Shanghai, which had been its only plant still in operation amid the global coronavirus pandemic.

The company informed many factory workers, who were supposed to return to work Wednesday after China's five-day Labor Day break, to extend their holiday and return as soon as May 9, according to the the people, who asked not to be identified as the information isn't public.

Nevertheless, under the terms of the deal, the agreed amount in capital loan from the Industrial and Commercial Bank of China Ltd., could only be used for expenses related to the American multinational electric vehicle manufacturer's Shanghai Gigafactory, Friday's (May 8th) regulatory filing said. However that statement conflicts with people at the plant that spoke with Chinese media outlet 36kr. Tesla is also experiencing problems with a crucial piece of manufacturing equipment that's being repaired, according to the people. The region around Wuhan, where the virus is believed to have originated, is home to much of China auto production.

Doctors consider possible COVID link to unusual childhood syndrome
He said state health officials were reviewing 73 cases where children exposed to COVID-19 also exhibited symptoms of the syndrome. "This is every parents' nightmare, right, that your child may actually be affected by this virus", Reuters quoted him as saying.

It is not clear why Tesla halted its operations at the plant that's generally operated six days a week. Tesla stores in China have also gradually resumed operations since February 17.

Tesla started delivering the first China-made Model 3s to customers in late December.

Tesla had suspended production at its San Francisco Bay Area plant due to the broader impact of the coronavirus, and was told by the local county health department on Friday that it "must not reopen" as local lockdown measures remain in effect.

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