Tesla's drastic EV market share slump may be over as Gigafactory Shanghai gets back to 100% capacity
Back in the months of April and May Tesla experienced the worst production volume slump in recent memory when the local government had to close its Gigafactory in Shanghai due to the rising COVID-19 case count in the city. There were days, for instance, when Tesla made just 200 electric vehicles there and consequently its market share of global EV sales dipped to a three-year low in April - from 27% to just 10% - according to Credit Suisse US auto industry analyst Dan Levy.
This unprecedented production slump extended the Tesla Model 3 and Model Y delivery windows up to a year in regions like Australia and mauled Tesla's stock price in the meantime. Things are finally picking up, it seems, as local Shanghai industry media is reporting that the Tesla Gigafactory in China is finally operating at full capacity.
The electric carmaker has been employing a double-shift system in a closed environment at Giga Shanghai and is now helping its numerous component suppliers ramp up their capacity, too. This way Tesla managed to craft about 40,000 vehicles since production resumed at the end of April and has been able to export a total of 22,340 electric cars from Shanghai to Europe and other regions.
Yesterday's sighting of the first Model Y truckloads destined for Australia is another proof that Tesla's production and supply chain woes show signs of abating. A Shanghai Gigafactory operating at 100% capacity will undoubtedly be welcome news for both Tesla's shareholders and customers waiting with bated breath for their electric vehicle delivery.