Tesla shares experienced a nearly 4% decline on Tuesday after a report indicated that the company would pause production of its Cybertruck and Model Y for a week at its Austin, Texas facility. According to Business Insider, the halt is set to start on June 30 and is aimed at maintenance on the production lines. This would mark the third production shutdown at the Austin site in the past year. CNBC has reached out to Tesla for a statement regarding the reported pause.
Simultaneously, Tesla is gearing up for the tentative launch of its Model Y robotaxi in Austin on June 22, featuring vehicles outfitted with an updated version of the company’s “Full Self-Driving” technology. CEO Elon Musk recently heightened interest in the new offering by sharing a video clip on X showcasing a Model Y robotaxi navigating a road in Austin.