Tesla Sends Employees Back From Europe Before Travel Ban Hits: Report

German news site Automobilwoche reported that Tesla sent back 30 Americans working on its planned German factory.
Publish date:

Tesla  (TSLA) - Get Report has ordered its German team working on a planned factory back to the U.S., according to a German news site. 

Automobilwoche reported that around 30 American Tesla employees who were working on the new Brandenburg-based factory, which is slated to begin production in the summer of 2021, are headed back to the U.S. President Trump instituted a 30-day travel ban affecting flights to and from most parts of Europe, but excluding the U.K. 

U.S. passport holders are permitted to travel back to the U.S., but are to be routed through a handful of airports. Trump's announcement of the ban at an Oval Office on Wednesday contained inaccuracies and sparked widespread confusion for travelers. 

Tesla recently gained approval from German courts to begin construction of the factory, and it is expected to potentially boost its European sales. 

Tesla shares were down 11% to $564.34 on Thursday afternoon amid a historically volatile day of trading. The carmaker's stock has sunk roughly 40% since mid-February as the coronavirus outbreak, which caused supply chain and demand disruptions in China, has spread. 

On Thursday, Morgan Stanley cut its Tesla price target to $480 from $500, and cut its fiscal 2020 delivery forecast to 452,000 units from 500,000, over coronavirus-related concerns.