Tesla Inc. (NASDAQ: TSLA) has allegedly stopped production at Model 3 line in California, sources disclosed. Model 3-line workers have also disclosed that their production line in Fermont would be closed from Feb. 22 until March 7.
Tesla has not yet officially disclosed the reason for the halt. It is not clear yet how much revenue Tesla would miss due to the manufacturing stopped. The Fremont plant has a yearly manufacturing capacity of 500,000 Model 3s and Model Ys in combination.
Share of Tesla Inc. (NASDAQ: TSLA) skyrocketed 6.18% as it gained +43.18 during the trading session of Wednesday. TSLA share went up 958.49% from its 52-week low and went down to -17.59% from its 52-week high. During the trading session of Wednesday, it has recorded a trading volume of 36.77 million as compared to the average volume of 40.91 million. Tesla Inc has a total market capitalization of $712.23 billion at the time of writing.
Furthermore, Tesla said that due to the shortage of semiconductors the firm might also experience the impact. Several automotive manufacturers, including GM, Ford, Volkswagen are struck by the scarcity of chips. This shortage compelled them to cut down the capacity of production.