- Tesla Inc (NASDAQ:TSLA) factory shutdown has stretched out to at least 12 days as Shanghai's Covid-19 lockdown disrupts businesses in China's financial hub, Bloomberg reports.
- The factory lockdown, which began on March 28, will remain closed through Thursday, making Tesla lose 12 days of production in recent weeks.
- The most sought-after semiconductors are piling up at manufacturers amid a shortage of truck drivers, and bankers are camping in their offices.
- The lockdowns and virus containment measures threaten to slow China's economic growth below the government's 5.5% 2022 target and jeopardize China's stressed global supply chains.
- Some companies, including chip giants Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), Semiconductor Manufacturing International Corp, and Apple Inc (NASDAQ:AAPL) iPhone assembler Pegatron Corp (OTC:PGTRF), have been able to keep plants running by implementing a so-called closed-loop system.
- Price Action: TSLA shares traded lower by 4.62% at $1,040.46 on the last check Wednesday.
