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UPDATE 1-Tesla to shorten Shanghai shifts, delay hiring - Bloomberg News

Reuters
·1 min read

(Adds background, details)

Dec 8 (Reuters) - Tesla Inc will shorten shift hours at its Shanghai factory and has delayed on-boarding of new staff at its most productive plant, according to a report by Bloomberg News, sending shares down about 2% on Thursday.

The factory in China will shorten shifts by about two hours as early as Monday, the report added, citing sources familiar with the matter.

Tesla's Shanghai plant is grappling with elevated inventory levels amid slowing demand in China's auto market.

Still, the plant recorded highest monthly sales of more than 100,000 cars in November.

The EV maker did not immediately respond to a Reuters request for comment.

($1 = 6.9735 Chinese yuan) (Reporting by Akash Sriram in Bengaluru; Editing by Sherry Jacob-Phillips)