Tesla Shares Fall Nearly 3% as German Plant Halts Output After Suspected Arson Nearby

Reuters03-05

March 5 (Reuters) - Tesla's European Gigafactory near Berlin halted production and was left without power after a suspected arson attack set an electricity pylon ablaze close to the site early on Tuesday.

The blaze southeast of the German capital, which did not spread to the Tesla site - the U.S. electric vehicle maker's first manufacturing plant in Europe - was extinguished by the fire brigade, police said.

A Tesla spokesperson confirmed production had stopped and the site evacuated. Tesla's shares were down nearly 3% in morning trading.

roduction at Tesla's car factory near Berlin is not expected to resume before next week after a suspected arson attack severed both power lines feeding it, plant manager Andre Thierig said on Tuesday.

It was the latest setback for Tesla, which has had a bumpy ride in Europe of late, facing union pressure for collective bargaining agreements in the Nordics and supply disruptions as a result of attacks on shipping in the Red Sea.

Germany has championed new big-ticket foreign investments at a time when Europe's largest economy is facing recession and grappling with higher inflation and weaker foreign demand.

Police are investigating the possible arson attack in the area around the plant, which has been the focus of environmental protests since it was launched by Chief Executive Elon Musk two years ago.

They would not confirm media reports that bomb disposal units had been deployed after emergency services found a sign saying "ordnance buried here".

The state police office "has taken over the investigation on suspicion of arson and we are currently investigating in all directions," a police spokesperson told Reuters.

Workers for energy company E.ON are repairing the damage to the high-voltage pylon which knocked out power in the area, the company said.

Electricity to surrounding communities was restored except for a large industrial site and a logistics centre, it later said, but declined to elaborate.

TREE HOUSE PROTESTS

Tesla's ambitions to expand its plant, which has a capacity of around 500,000 cars a year, hit a roadblock when local residents voted down a motion to fell trees to enlarge it.

The U.S. EV maker wants to double the site's capacity to 100 gigawatt hours of battery production and 1 million cars per year, setting it up to dominate the European market.

Environmental activists have built and occupied tree houses in the forested area they expect to be cleared if the expansion goes ahead.

A spokesperson for Robin Wood, a group protesting the expansion, said in relation to the arson incident: "We're totally surprised by the situation," adding a full statement would be issued later.

Citizens in Gruenheide last month voted against a motion to clear forest for Tesla to build extra infrastructure like a train station and warehouses, leaving the decision to local authorities.

The plant's production ramp-up has slowed, though the carmaker produced 6,000 cars in a week for the first time in January.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Guavaxf30
    03-05
    Guavaxf30
    What ? How should this be affecting Tesla's share price ? It's almost like saying Elon Musk ahd a light bulb failure affecting Tesla's business.Okay, the realy reason would be EV business is having a tough time right now. That I can understand. but an electical fire in the Berlin plant which should be easily repaired within a day ?
    • Kitc15
      Fyi - plants could take days to startup after a blackout. Plants are not as simple as flipping a switch to start/stop. Days of non operation could impact production schedules significantly
  • AlanTLK
    03-05
    AlanTLK
    Reuters loved to spread any FUD that may remotely and negatively impact Tesla. Damn sad.
Leave a comment
2
1