Tesla has reportedly trimmed the production target of its Berlin factory

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on Aug 23, 2023
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  • Tesla may lower the weekly production target of its German plant further.
  • Its Vice President of Powertrain Engineering also stepped down this week.
  • Shares of Tesla Inc are currently trading just below their 21-day EMA.

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Tesla Inc (NASDAQ: TSLA) is in focus today after a Business Insider report said the electric vehicles behemoth has trimmed its production target in Berlin.

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Tesla warned of lower production in Q3

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The multinational reportedly lowered its weekly production target to 4,350 units for July and August and plans on further reducing production at its German facility in the coming weeks.

Note that the said plant had produced 5,000 vehicles per week in March.  

Tesla Inc is committed to increasing the production capacity of Giga Berlin to 1.0 million vehicles per year. Last month, though, CEO Elon Musk did forecast production to be slightly down in the current quarter as the company shuts down factories temporarily for upgrades.

FactSet consensus is for the EV giant to produce 473,000 cars in Q3.

Tesla is seeing frequent executive shake ups

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Earlier this week, Colin Campbell – the Vice President of Powertrain Engineering at Tesla stepped down to join Redwood Materials as a CTO.

The stock market news arrived only days after the multinational named Vaibhav Taneja its Finance Chief after Zachary Kirkhorn quitted that role for reasons that remain unknown as Invezz reported here.

Shares of the Nasdaq-listed firm are currently trading just below their 21-day EMA at the $240 level. Michael Farr – the President of Farr, Miller, & Washington also told CNBC in a recent interview:

I’d sell it. I’m a fundamental, old-fashioned guy. I want to see real numbers. It’s 66 times earnings. Without magic, this one is a sell.

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