Electric vehicle giant Tesla Inc. has informed its workers on the Cybertruck production line at its gigafactory in Texas to take a three-day break.
Details of the Break
According to a memo, workers were told not to report to work on Tuesday, Wednesday, and Thursday. They will return to the production line on Friday and will receive eight hours of pay for each day they were scheduled to work. However, some workers will have a different schedule and will be notified separately.
Background
The schedule of workers on the Cybertruck line has been inconsistent since late October. This news comes as Tesla began delivering the Cybertruck to customers in the US in November 2023. Despite a strong order book, CEO Elon Musk had expressed concerns about scaling production earlier this year.
Production and Sales
Tesla sold 16,692 Cybertrucks in the third quarter in the US, making it the third-best-selling EV behind the Model Y and Model 3. The company has bigger ambitions for the Cybertruck, aiming to produce up to 250,000 units in 2025.
Comparison to Rivals
This move by Tesla comes after Ford announced a temporary halt to the production of its F-150 Lightning pickup truck for six weeks from November 18 to January 6.
Impact on Tesla Stock
Tesla’s stock closed at $357.09 on Monday, up by 3.5%. In after-hours trading, it fell 1.2%. Year-to-date, the stock has risen 43.7%. The stock has a consensus “Buy” rating from analysts, with an average price target of $339.
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