Tesla Denies Report of Planned Production Cuts in Shanghai

Seeking Alpha2022-12-06

Tesla called reports from both Bloomberg and Reuters that Giga Shanghai will cut production “untrue” on Monday.

In premarket hours on Monday, both outlets reported that the EV manufacturer plans to lower production by as much as 20%. The decision was made after assessments on demand in the key market for Tesla. The report stoked fears of waning demand in the region that has become increasingly competitive amid the emergence of powerful domestic competitors like BYD Company (OTCPK:BYDDY).

However, in a statement to Reuters, the Elon Musk-led company denied the claims in the reporting. Reuters nonetheless stood by the reporting, telling readers that “two sources with knowledge of the production plan” confirmed the details.

Shares of the Austin-based automaker fell over 6% at intraday lows in the wake of the reporting.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Looyusooi
2022-12-06
Looyusooi
ok
Gerinit
2022-12-06
Gerinit
Pls like. Thanks
- Euching:
  done
jiunnnnn
2022-12-06
jiunnnnn
Who cares
zh3us
2022-12-06
zh3us
Drop more pls. I Wana add
Jalopy88
2022-12-06
Jalopy88
完了完了，巴比Q Gone liao gone liao, BBQ liao
Ktkw
2022-12-06
Ktkw
Lego
- Ktkw:
  ok

Leave a comment

163

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I Wana add","listText":"Drop more pls. I Wana add","text":"Drop more pls. I Wana add","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967163797","repostId":2289988541,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9967184492,"gmtCreate":1670284837816,"gmtModify":1676538335865,"author":{"id":"3584079457608282","authorId":"3584079457608282","name":"Jalopy88","avatar":"https://community-static.tradeup.com/news/4f96275867e9fcc09f90747c0edcd143","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":12,"crmLevelSwitch":1,"idStr":"3584079457608282","authorIdStr":"3584079457608282"},"htmlText":"完了完了， 巴比Q Gone liao gone liao, BBQ liao","listText":"完了完了， 巴比Q Gone liao gone liao, BBQ liao","text":"完了完了， 巴比Q Gone liao gone liao, BBQ liao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967184492","repostId":2289988541,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9967137750,"gmtCreate":1670283732470,"gmtModify":1676538335309,"author":{"id":"3564917665277560","authorId":"3564917665277560","name":"Ktkw","avatar":"https://static.tigerbbs.com/c3b319f06c5f5672546acc9d6f02dec1","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3564917665277560","authorIdStr":"3564917665277560"},"htmlText":"Lego","listText":"Lego","text":"Lego","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9967137750","repostId":2289988541,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105082509,"gmtCreate":1670283737720,"gmtModify":1670283750730,"authorId":3564917665277560,"author":{"id":3564917665277560,"idStr":"3564917665277560","authorId":3564917665277560,"name":"Ktkw","avatar":"https://static.tigerbbs.com/c3b319f06c5f5672546acc9d6f02dec1","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.06","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9967137750,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":163,"commentSize":9,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2289988541","isCrawlerRequest":true}