Despite earlier reports of production cuts, Tesla’s (TSLA) Shanghai Gigafactory is now operating at full capacity, according to a Chinese outlet Beijing News Shell Finance which visited the plant on July 15.
This update follows earlier concerns about potential production reductions at the Shanghai plant. In May, Reuters reported that Tesla (NASDAQ:) intended to cut production by at least 20% between March and June 2024.
During this period, Tesla China did not comment, and both new car registrations and export volumes were lower than in the same period in 2023.
However, with the start of the third quarter, Tesla appears to be ramping up production to meet its year-end goals. CEO Elon Musk has previously indicated that the company aims to exceed last year’s car sales figures, a target that relies heavily on the Shanghai factory operating at full capacity.
Barclays analysts said the production increase “indicates stronger…
