EV maker Tesla (NASDAQ:TSLA) is planning to keep a lower production output at its Shanghai unit to kick off 2023, according to Reuters.
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The move continues its lowered production schedule undertaken in December. The company plans to halt production during the last 11 days of January in light of the Chinese new year.
The scaled-down output comes amid rising COVID-19 cases in China and faltering demand in the country. The company has already undertaken price cuts and offered incentives to woo buyers.
At present, analysts remain cautiously optimistic about Tesla with a Moderate Buy consensus rating and an average price target of $272.41. This points to a substantial 121.22% potential upside in the stock.
Shares of the company have already tanked 65.4% over the past 52 weeks. In another development, Chinese EV maker NIO (NYSE:NIO) is seeing its shares tank today as well after the company scaled back its fourth-quarter delivery outlook.
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