Tesla’s Shanghai Gigafactory Resumes Production

Following a temporary suspension of production due to the coronavirus outbreak, California-based EV-maker Tesla’s Shanghai gigafactory has resumed its normal business. As a result, Tesla’s share price stopped its plummet and rebounded, rising 3.1% on Monday. Just about a week ago, Tesla’s share price was valued at a peak of around $961 while the stock now sits at around $770. However, the iconic EV-maker has seen its share price soar from just around $330 in mid-December of 2019.

SEE ALSO: Tesla Temporarily Closes Stores in China Due to Coronavirus Concerns

Tesla’s shares have more than doubled in the last 90 days, and the company’s recent capital market success has vaulted their valuation to $81.39 billion, making them the most valuable American automotive company.

Tesla CFO Zachary Kirkhorn said on the company’s Q4 2019 earnings call, “At this point, we’re expecting a 1 to 1.5 week delay in the ramp of Shanghai built Model 3 due to a government required factory shutdown. This may slightly impact profitability for the quarter, but is limited as the profit contribution from Model 3 Shanghai remains in the early stages.”