Tesla Inc. said late Thursday it will temporarily halt production at its Fremont, Calif., factory and its solar-panel factory in Buffalo, N.Y., amid efforts to limit the spread of the novel coronavirus.
The halt appeared to end a game of chicken between Tesla (TSLA) and local authorities, as the California factory is located in a county under a regional “shelter in place” order issued Tuesday.
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“Despite taking all known health precautions, continued operations in certain locations has caused challenges for our employees, their families and our suppliers,” the company said in a statement.
Tesla shares fell 7% in the extended session after ending the regular trading day up 18%.
The halt at the Fremont factory is to start at the end of the day Monday “to allow an orderly shutdown,” the company said. Basic operations will continue “in order to support our vehicle and energy service operations and charging infrastructure, as directed by the local, state and federal authorities,” Tesla said.
The New York plant will also retain some production of parts and supplies “necessary for service, infrastructure and critical supply chains,” Tesla said. Operations at its “gigafactory” outside Reno, Nev., and Tesla’s service and Supercharging network will continue, it said.
The company also took the opportunity to update investors about its liquidity.
Tesla said it had $6.3 billion in cash before its recent $2.3 billion capital raise. “We believe this level of liquidity is sufficient to successfully navigate an extended period of uncertainty,” it said. Available credit lines are worth about $3 billion, “including working capital lines for all regions as well as financing for the expansion of our Shanghai factory,” it said.
Tesla said it is implementing “touchless deliveries” so people would continue to take delivery of their vehicles. Customers are able to unlock their new vehicles at a delivery parking lot through a Tesla app, sign and return any paperwork to drop-off locations, the company said.
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March 20, 2020 at 04:48AM
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Tesla to shut down California, New York factories amid coronavirus pandemic - msnNOW
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