Tesla (TSLA) to reduce shifts at German plant, says production targets are on track

Tesla (NASDAQ: TSLA) announced Thursday that it plans to hire fewer temporary workers at its plant near Berlin compared to the initial ramp-up phase. Additionally, the company will no longer schedule Saturday shifts. However, Tesla remains confident in its ability to meet the production targets it has set.

The comments follow earlier reports that Tesla's goal of producing 6,000 cars a week at the plant, up from the 5,000-milestone reached in March, was on hold.

The electric automaker has aggressively reduced vehicle prices in many countries this year and is resorting to offering incentives to clear inventory. Despite facing economic headwinds, the company's production continues to increase, while competition in the electric vehicle market intensifies. According to Tesla Info's global inventory list, discounts of up to 3,490 euros ($3,842) have been offered for the China-made Model 3, and 3,660 euros ($4,029) for the Berlin-made Model Y.

French President Emmanuel Macron will meet Musk on Friday, the second time in just over a month, to promote France as a possible site for a second Tesla factory in Europe.

Shares of TSLA are down 0.07% in afternoon trading on Thursday.

By Michael Elkins | [email protected]

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