GigaShanghai formally resumes production with 42% of employees, Director says

Written by Cláudio Afonso |

According to local government-backed Kankan News, Tesla resumed production at its Shanghai plant on Tuesday after being shut down since March 28. The company ordered 8,000 employees to get back to work at the plant on Tuesday, April 18.

Song Gang, senior director of manufacturing at Giga Shanghai, said in an interview that 8,000 employees have already returned to work which represents 42% of the total Tesla Staff at the plant. The battery and motor production lines are already producing at full speed, he added.

Earlier today, Credit Suisse analyst Dan Levy raised the firm’s price target on Tesla shares to $1,125 per share from $1,025. The analyst estimates a 90,000 units loss for Q2 due to GigaShanghai shutdown since March 28. Although, Levy expects the company to present a Q1 EPS of $2.56, beating the consensus of $2.26.

Earlier this week, Piper Sandler analyst Alexander Potter lowered the firm’s price target on Tesla shares to $1,260 from $1,350 while keeping an Overweight rating. The analyst expects that China lockdowns “may continue impacting production in the second half of 2022” resulting in a cut of the guidance numbers to 1.54M from 1.58 million vehicles.

Last week, Elon Musk was interviewed by Chris Anderson during TED Talks in Vancouver, Canada. On the day that Musk confirmed its intention to buy Twitter and turn it private (keeping the largest number of shareholders it is possible by law), Tesla’s CEO talked about Tesla, SEC, and Twitter.

Written by Cláudio Afonso |