The US electric vehicle manufacturer is aiming for daily output of 1,200 cars this week, but hopes to raise production in Shanghai to about 2,600 cars a day next week
Retail sales plunged 11.1%, the steepest fall since March 2020, while industrial production dropped 2.9%. Capital Economics forecasts growth of just 2% this year.
Strict Covid-curbs have put 26 million lives on hold in Shanghai - China's most important economic hub. The resulting supply chain disruptions and revenue losses will spell fresh economic trouble for China, and the world.
More than half of US companies operating in China say they have delayed or cut investments as they evaluate their options, with staff less willing – or simply refusing – to shift to China
Workers overwhelmed security guards at Taiwan-based Quanta's plant in Shanghai, which employs 40,000 people, some of whom live in dormitories with up to 12 beds to a room
Numerous companies said setting up a 'closed-loop system' where workers can eat and sleep after working at a factory is an "onerous demand" they cannot achieve
Some US companies see a massive decline in revenues this quarter while others see output slashed by half
China's manufacturing PMI may have slipped to 48.0 in April, the lowest since February 2020, and below 49.5 in March, a median forecast of 26 economists showed
Strict Covid lockdown measures halted production in key factories. The banking regulator says it will step up support to help restart production.
China’s tech hub Shanghai is approaching its third week of lockdown and that will have a major impact on supply chains for iPhones, MacBooks and PCs, analysts say