Tesla Shanghai Gigafactory Ramps Up Production for Q4 After Chinese Sales Rebound

Tesla Inc. (NASDAQ:TSLA) is one of the best big tech stocks to invest in now. On October 13, the company’s Vice President, Tao Lin, announced on Weibo that Tesla’s Shanghai Gigafactory had begun ramping up production for Q4. The increase in output at the facility follows an improvement in China-made vehicle sales for the automaker.

Deliveries of locally built cars in September rose by 2.8% from the previous year, which ended a two-month sales decline in the Chinese market. This modest rebound in sales is partly attributed to the commencement of deliveries for Tesla’s new six-seater vehicle in China, which has helped to boost showroom traffic and overall domestic demand.

The Shanghai plant is crucial for the company, supplying both buyers in China and export markets across regions like Asia and Europe. The production ramp-up is a strategic move as Tesla seeks to stabilize its global output and enhance its margins, following a period of uneven sales performance in several key markets.

Tesla Inc. (NASDAQ:TSLA) designs, develops, manufactures, leases, and sells electric vehicles, and energy generation & storage systems in the United States, China, and internationally.

While we acknowledge the potential of TSLA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.