Tesla shares plummet as it plans delay to Model 3 deliveries in China due to coronavirus.
after the Lunar New Year following government guidelines due to the outbreak of the new coronavirus, which has now infected at least 24,000 in more than two dozen countries and killed about 490 in China.
"The proposed delivery in early February will be delayed," Tao Lin, vice president at Tesla, announced on Chinese microblogging service Weibo, according to a CNBC translation, in response to a question from a user. "We will catch up the production line once the outbreak situation gets better." Tesla Chief Financial Officer Zach Kirkhorn said on the company's quarterly investor call last week that its Shanghai factory will remain closed for an extra week to week-and-a-half.
"This may slightly impact profitability for the quarter but is limited as the profit contribution from Model 3 Shanghai remains in the early stages," he said.
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