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This Tesla-General Motors JV Supplier Abruptly Sends Home Workers From Shanghai Facility Citing COVID Issues

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·1 min read
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  • Tesla Inc (NASDAQ: TSLA) and General Motors Co (NYSE: GM) JV supplier Aptiv PLC (NYSE: APTV) dismissed workers from a Shanghai production facility, citing COVID issues, Reuters reports.

  • Aptiv abruptly dismissed workers at one of the sites, which made wire harnesses, on March 29. Wire harnesses were unique to each model, and it was not possible to build vehicles without them.

  • Aptiv instructed the workers to stay home on March 30 and await further notice.

  • Aptiv acknowledged following government orders and assured no impact on customers' production.

  • The production pause followed Shanghai's tightening of the first phase of its lockdown on March 29, with daily new cases hitting a record above 4,400.

  • Shanghai's western districts will likely go under lockdown from April 1 until April 5.

  • Aptiv has several production sites in Shanghai's Jiading district in the western part of the city.

  • Price Action: APTV shares traded higher by 6.27% at $126.30 on the last check Tuesday.

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