On Thursday, the 19th of March 2020, the Palo Alto, CA-based world’s No. 1 electric vehicle manufacturer, Tesla Inc., said in a statement that the company would be cancelling production lines at its California factory from March 24th in order to comply with state orders.
In point of fact, latest Tesla Inc. move to halt its US production line came forth days after the Western US state of California had ordered a partial lockdown in order to slow down the spread of the highly contagious Covid-19, while the total number of active Coronavirus cases in the United States had surpassed 11,000 on Thursday (March 24th), stoking fears of stiffer measures which would almost inevitably push the US economy in to a recession.
Meanwhile, adding that the Palo Alto-based e-vehicle manufacturer of American billionaire entrepreneur Elon Musk had sufficient liquidity to see through the extended period of coronavirus uncertainty if it came to such magnitude, Tesla Inc.
said in a statement on Thursday (March 19th), “Despite taking all known health precautions, continued operations in certain locations has caused challenges for our employees, their families and our suppliers”.
Tesla Inc. had $6.3 billion worth of liquid assets as of September 30th, 2019. In tandem, the company had raised another $2.3 billion in a fundraising campaign over the recent past.