Rumor has it that Tesla's Shanghai Factory to Suspend some Production at the End of February

Published: Feb 17, 2023 15:35

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Tesla will suspend some production at its Shanghai factory through the end of February as it upgrades the plant to launch a revamped Model 3 in the highly competitive Chinese market, Bloomberg reported.

Tesla faces growing competition in the world's largest electric vehicle market. Sales of the Model 3 in China have also been declining, with around 125,000 units sold in 2022, down 17% year-on-year. With local rivals such as BYD and NIO launching competing models, Tesla has had to lower prices on its Chinese-made vehicles to boost sales.

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