It’s a hectic Monday morning for You’re here (NASDAQ: TSLA). Here are some of the hottest stories as the US stock markets open the week.
Tesla receives warning for China
Five Chinese government agencies, including the powerful State Administration for Market Regulation (SAMR), called Tesla executives to a meeting to remind the company that it must “strictly adhere” to Chinese laws and regulations , a severe and important warning by Chinese standards.
The move was prompted by several recent incidents reported in Chinese media, including battery fires, issues with live updates, and consumer complaints about unintentional acceleration.
Officials have asked Tesla to strengthen its internal management controls, ensure its products are safe and protect consumers’ rights, according to a declaration published on the SAMR website.
German Tesla plant faces “massive delay”
Tesla said it plans to start production at its new plant in Germany this summer, but there are growing signs that the construction project is behind schedule.
German publication on trade in the automotive industry Automobilwoche reported that critical buildings at the site have yet to be built, and Tesla has yet to submit a construction request for its on-site battery plant to the local government in Gruenheide, near Berlin.
Tesla said last month that the construction of the “Berlin Giga” factory was in time, and that he planned to begin production of the Model Y crossover SUV in July.
The plant will eventually have the capacity to build around 500,000 vehicles per year.
Tesla embarks on crypto as it prepares to accept bitcoin payments
Tesla said in a regulatory filing Monday morning he bought $ 1.5 billion worth of bitcoins, an investment made for “more flexibility to further diversify and maximize returns on our cash flow.” The company also said it will soon start accepting bitcoin payments for vehicles, making it the first major automaker to accept cryptocurrency.
Bitcoin prices surged after the news broke.
Tesla had over $ 19 billion in cash at the end of 2019.
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