Tesla Inc. has experienced a “particularly difficult quarter” due to supply-chain issues, according to Chief Executive Officer Elon Musk, who pleaded with employees to help bring the electric vehicle company back on track in an internal message.
Musk wrote to staff over the weekend, “This has been a very challenging quarter, mostly due to supply chain and manufacturing issues in China.” As a result, we’ll have to unite to get back on track!
Musk stated that the company’s Shanghai factory, which had halted output in recent weeks due to severe COVID-19 constraints, is now operating at full capacity, and that its Austin, Texas, facility is also ramping up production. He said Tesla’s Berlin factory manufactured roughly 1,000 vehicles last week, while its Fremont, California, plant had a record day of output.
Tesla’s stock was down 7.2 percent at 10:24 a.m. in New York, while the market fell. Through Friday’s closing, the stock has dropped 34% this year, outperforming the S&P 500.
