- Tesla’s Fremont factory can no longer manufacture cars after it was deemed to be a non-essential business by Alameda County.
- Tesla’s share price dropped by more than 10% on the news. Tesla is now trading below $400 a share, effectively wiping out the bulk of the gains the stock enjoyed over the previous few weeks.
- As the coronavirus continues to spread, Tesla CEO Elon Musk this week reiterated his belief that the panic surrounding the coronavirus is worse than the virus itself.
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Over the past few months, Tesla shares embarked on a meteoric and somewhat unprecedented rise. Consider this: Tesla shares in late November were trading at $328 a share. Not even three months later, Tesla stock price hit $917 on February 19th. Now, just about one month later, the bulk of Tesla’s gains have all but vanished due to concerns surrounding the rapid spread of the coronavirus.
Today, Tesla shares are trading in the $380 range, with the stock falling by more than 10% after Tesla’s factory in Fremont was deemed to be a non-essential business. While it was initially assumed that Tesla could keep vehicle production going, that is no longer the case. Incidentally, the Tesla factory shutting down comes just about one week after Tesla manufactured its one-millionth car, a milestone Elon Musk celebrated on Twitter last Tuesday.
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Tesla’s California factory shuts down amid coronavirus concerns originally appeared on BGR.com on Wed, 18 Mar 2020 at 18:05:19 EDT. Please see our terms for use of feeds.
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