Tesla Halts Production at Shanghai Factory Amid China Lockdown – Report

Tesla, Inc. (NASDAQ: TSLA) has suspended production at its Shanghai Gigafactory for four days, Reuters reported. All workers and suppliers have been released at the factory. 

The halt followed the announcement of a two-stage COVID-19 lockdown in China to curb the new variant spread. The financial hub of China would conduct COVID-19 testing over the course of nine days dividing Shanghai into two parts. The Tesla factory will be shut down till Friday due to its location in the Lingang District of Pudong.

No immediate comments were released by Tesla. 

Analyst Recommendation 

Recently, Wedbush analyst Daniel Ives maintained a Buy rating on Tesla and a price target of $1,400 (38.53% upside potential).  

The rest of the Street is cautiously optimistic about the stock, which has a Moderate Buy consensus rating based on 16 Buys, five Holds, and six Sells. The average Tesla price target of $1,063.88 implies 5.27% upside potential. Shares have gained 65.33% over the past year. 

Website Traffic 

TipRanks’ Website Traffic Tool which uses data from SEMrush Holdings (SEMR) offers insight into Tesla’s performance.  

According to the tool, a website traffic downtrend was visible. In January and February, total estimated visits to tesla.com showed a decreasing trend, on a global basis, representing a 4.56% and 17.76% decline, respectively, on a sequential basis. This, in turn, indicates that the company might record disappointing revenues in the coming period.

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