Tesla shares dip on hiring freeze, Elon Musk's 'super bad feeling' about the economy
But Tesla is also trying to recover from the impact of stringent Covid lockdowns in Shanghai, where its factory in China is located, which have significantly hampered its vehicle production.
Cowen managing director and senior research analyst Jeffrey Osborne wrote in a note Friday, "China is Tesla's most profitable facility, so we see the loss of about 50,000 to 60,000 vehicles also crimping profitability which will be exacerbated by ramp up challenges in Berlin and Austin for the Model Y." Tesla's new factory outside of Berlin opened in March and started ramping up production in May.
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