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 story : Tesla asks Shanghai government for help securing power that is being threatened by drought: Bloomberg #FinanceUSA #StockMarketNEWS Tesla Inc. and SAIC Motor Corp. have asked Shanghai's government

@stockMarketNEWS Thu 18 Aug, 2022

Posted in: #FinanceUSA #StockMarketNEWS

Tesla asks Shanghai government for help securing power that is being threatened by drought: Bloomberg #FinanceUSA #StockMarketNEWS
Tesla Inc. and SAIC Motor Corp. have asked Shanghai's government for help secure power that is being threatened by a drought, Bloomberg News reported, citing people familiar with the matter. The two companies told authorities in Shanghai that key parts of their supply chains may be impacted by power cuts in Sichuan, which is seeing its worst drought on record. The Shanghai Municipal Commission of Economy and Information has reached out to the government in Sichuan in a document that subsequently circulated on Chinese social media, according to Bloomberg. The move has caused controversy among the Chinese public, with people on social media calling the Shanghai government selfish. "It is just too much. We are in desperate need of electricity. Thirteen people were hospitalized yesterday out of heat stroke," said one user, as Bloomberg reported. Tesla shares were up 0.7% premarket but have fallen 14.7% in the year to date, while the S&P 500 has fallen 10%.


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