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Tesla sees vehicle registration fall in China, suspends production at US factories

Tesla told shareholders it was suspending production at its Fremont, California and New York factories as the US grapples with the coronavirus outbreak

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The electric car manufacturer saw car registrations in China drop 35% in February

Tesla Inc (NASDAQ:TSLA) saw its electric car registrations in China drop sharply month-over-month in February, declining 35% according to data from LMC Automotive.

The stark drop is unsurprising given the ongoing coronavirus pandemic, which hit China starting in December.

Overall vehicle sales in the country sank 79.1% in February, its largest-ever monthly decline, according to industry data, Reuters reported Friday.

READ: Tesla tumbles as coronavirus disrupts Shanghai deliveries

In February, Tesla announced coronavirus preventive measures will hit deliveries from its new Shanghai factory. The plant is the first outside the US and is a key part of founder Elon Musk's plan to produce 500,000 cars annually.

On Thursday, Tesla also told shareholders it was suspending production at its Fremont, California and New York factories as the US grapples with the coronavirus outbreak.

In a statement, Tesla said it had US$6.3 billion in cash before a recent US$2.3 billion raise, which it says is “sufficient to successfully navigate an extended period of uncertainty.”

Tesla shares were trading around 1.5% higher on Friday morning at about US$434 each in New York.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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NASDAQ:TSLA
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