Monday, May 23, 2022 6:56:55 AM
10:13 pm ET May 22, 2022 (Benzinga) Print
Tesla Inc (NASDAQ: TSLA) has introduced a second shift at its Giga Berlin factory last Friday, electric vehicle news website Tesmanian.com reported, citing people familiar with the matter.
See Also: How To Buy Tesla (TSLA) Stock
What Happened: The second shift at the recently opened factory will help lift production amid the growing demand for Tesla vehicles.
Giga Berlin opened on March 22 and is Tesla’s first big factory in Europe. Production at the factory has ramped up slower than expected due to “disruption in the supply of components from China”, although the situation is beginning to improve, the report said.
The components for the production of Tesla's Model Y in Germany have begun to arrive as Chinese enterprises emerge from a month-long coronavirus lockdown.
Tesla did not immediately respond to Benzinga’s request for comment.
See Also: Tesla A 'Cornerstone Holding' — But Usually-Bullish Analyst Cuts Price Target Again Anyway
Why It Matters: CEO Elon Musk in April warned that Tesla’s second-quarter production would be slightly lower than the first with the possibility that it could likely “pull out a rabbit of its hat” and ensure higher output.
The world’s richest man said Tesla's production would be substantially higher in the third and the fourth quarters.
Tesla’s two new factories — Giga Berlin and Giga Texas — are expected to offset production disruptions this quarter.
Recent TSLA News
- Alphabet Unveils AlphaProof and AlphaGeometry 2; OpenAI Tests SearchGPT; Apple Loses Market Share in China • IH Market News • 07/26/2024 10:07:41 AM
- Stocks Fail To Hold Early Gains; Dow Settles Higher, S&P And Nasdaq Close Weak • IH Market News • 07/25/2024 08:39:40 PM
- U.S. Stocks May See Further Downside In Early Trading • IH Market News • 07/25/2024 01:05:29 PM
- U.S. Index Futures Mixed After Tech Sell-Off, Oil Prices Drop on Weak China Demand and Ceasefire Expectations • IH Market News • 07/25/2024 10:21:35 AM
- U.S. Stocks Move Sharply Lower On Disappointing Earnings News • IH Market News • 07/24/2024 08:39:47 PM
- Disappointing Earnings News Likely To Weigh On Wall Street • IH Market News • 07/24/2024 01:05:25 PM
- US Index Futures Fall Amid Tech Giant Earnings, Oil Prices Rise • IH Market News • 07/24/2024 09:55:54 AM
- Meta Unveils Llama 3 AI Model, Elon Musk’s X Poll Backs Tesla’s $5B xAI Investment, and More • IH Market News • 07/24/2024 09:53:32 AM
- Tesla Falls 7% on Profit Miss, Deutsche Bank Down 8% on Loss, Alphabet Drops 3% – Earnings Recap • IH Market News • 07/24/2024 09:47:11 AM
- Major Averages Finish Choppy Trading Session Modestly Lower • IH Market News • 07/23/2024 08:39:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/23/2024 08:32:27 PM
- Tesla Releases Second Quarter 2024 Financial Results • Business Wire • 07/23/2024 08:09:00 PM
- U.S. Index Futures Dip Slightly as Investors Await Major Earnings Reports, Oil Prices Edge Up • IH Market News • 07/23/2024 10:04:07 AM
- Johnson Controls Division Sold for $8 Billion; Alphabet’s Offer Rejected by Wiz; AMD President Announces Retirement • IH Market News • 07/23/2024 10:00:52 AM
- Berkshire Sells BofA Holdings, Ryanair Shares Drop 12%, Delta Still Struggling After IT Disruption • IH Market News • 07/22/2024 09:44:17 AM
- U.S. Stocks See Further Downside Following Major IT Outage • IH Market News • 07/19/2024 08:46:00 PM
- Microsoft Shares Drop 2% and CrowdStrike Plunges 21% Pre-Market Following Major Global Outage • IH Market News • 07/19/2024 10:01:22 AM
- Darden Acquires Chuy’s for $605M, BYND Drops 14% Amid Debt Restructuring, Petco Appoints Ex-Five Below CEO • IH Market News • 07/18/2024 09:59:44 AM
- HSBC Names New CEO, Tesla Moves Headquarters to Texas, ASML Faces Trade Restrictions, GitLab Considers Sale • IH Market News • 07/17/2024 10:26:41 AM
- Match Group Soars 8% Amid Potential Sale Pressure; Deutsche Bank Anticipates 2Q Loss, and More • IH Market News • 07/16/2024 10:10:09 AM
- Alphabet Nears $23 Billion Wiz Acquisition, Trump Media Stock Soars 63% Pre-Market, and More • IH Market News • 07/15/2024 10:34:36 AM
- Ericsson Reports 14% Profit Increase, UBS Downgrades Tesla Shares, Ozempic Linked to Reduced Dementia Risk • IH Market News • 07/12/2024 10:28:11 AM
- Costco Hikes Membership Fees; ON Semiconductor Stock Drops 3%; WD-40 Soars 13% on Strong Q3 Earnings • IH Market News • 07/11/2024 10:17:26 AM
- Microsoft and Apple Exit OpenAI Board, TSMC Exceeds Forecasts with Record Revenue, and Other Key Updates • IH Market News • 07/10/2024 10:42:17 AM
- BP Slashes Profit Forecast by $700 Million; Morgan Stanley Predicts S&P 500 10% Drop, and More News • IH Market News • 07/09/2024 10:54:32 AM
FEATURED Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM