Tesla closes Shanghai factory over coronavirus concerns
Tesla was ordered by the Chinese government to shut down its Shanghai factory over concerns about the coronavirus, a closure that will delay Model 3 production and ultimately put slight downward pressure on profits in the first quarter, the automaker’s finance chief Zach Kirkhorn said during an earnings call Wednesday. Prior to the call, Tesla reported Wednesday $105 million in net income, or 56 cents a diluted share, compared with $140 million, or 78 cents a share, in the same year-ago period. Tesla earned $386 million, or $2.14 a share, in the fourth quarter when adjusted for one-time items. Tesla generated revenue of $7.38 billion in fourth quarter, just 1% higher than the $7.2 billion generated in the same period in 2018. Model 3 production will be delayed by a week and a half, Kirkhorn said. Novel coronavirus , a new form of the family of viruses known as coronavirus first cropped up in Wuhan in late December 2019. Since then, thousands of people have contracted the virus...
