Tesla leveraged local authorities to reopen Shanghai factory, eyes expansion in China - Reuters

May 05, 2022

Authorities in Shanghai's Lingang Special area aided Tesla (NASDAQ:TSLA) in getting its Shanghai Giga factory up to speed, per a new Reuters report.

A letter seen by the outlet indicates over 6,000 workers were transported to perform disinfection duties after persistent supplication by the Austin-based EV manufacturer. The efforts helped secure an April 19 reopening for the factory, breaking a nearly month-long shutdown amid stringent anti-COVID restrictions.

"They fought for three consecutive days, working round the clock and non-stop to guarantee our company's workers could return to the factory," Reuters reports the letter to say, adding that further expansion in the market is expected.

According to Reuters, Tesla (TSLA) signaled its intention to open another plant near Shanghai that will be capable of producing 450,000 cars per annum. The letter is alleged to tout the planned plant as "the world's largest vehicle export hub."

Shutdowns in Shanghai have been a sore spot for numerous electric vehicle manufacturers in China in April. Nio (NIO), Xpeng (XPEV), and Li Auto (LI) each cited the work stoppages as the culprit for major cutbacks in delivery figures for the month.

Over the current book year the total revenue from the company in will be 110.15 billion USD (consensus estimates). The expected revenue would be the highest in her history. This is hugely more than 2022's revenue of 96.77 billion USD.

Historical revenues and results Tesla plus estimates 2023

Tesla Amsterdam East The Netherlands ©

Tesla

The analysts expect for 2023 a net profit of 10.67 billion USD. For this year the consensus of the result per share is a profit of 3.08 USD. The price-earnings-ratio equals an extreme 59.75.

For this year analysts don't expect the company to pay a dividend. The average dividend yield of the automobile producers is a relatively high 4.58 percent.

Tesla's market capitalization is based on the number of outstanding shares around 582.24 billion USD.

On Friday the stock closed at 184.02 USD.

Historical stock prices Tesla

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