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Tesla temporarily shuts down Model 3 production

Tesla Inc. TSLA, -Three.04% has halted Model Three production for four to five days, in keeping with a document from Buzzfeed overdue Monday. The temporary shutdown got here without caution and employees are expected to use vacation days or keep home without pay, despite the fact that a small number are being offered paid work in any other a part of the Fremont, Calif. factory, Buzzfeed reported. Tesla previously shutdown production in February. "Our Model 3 production plan includes periods of planned downtime in both Fremont and Gigafactory 1," a Tesla spokesman mentioned in a statement. "These periods are used to improve automation and systematically address bottlenecks in order to increase production rates. This is not unusual and is in fact common in production ramps like this." Tesla inventory is down a fragment in after-hours buying and selling and closed down Three% to $291.21 in the common consultation. Tesla inventory is down 6.five% this yr, because the S&P 500 index SPX, +zero.81% has won a fragment.