China: Heatwave Closes Suppliers $TSLA $INTEL

The Verge headline: China’s heatwave closes factories that supply parts to Tesla, Intel, and Toyota

Sub-headline: Prices on raw materials used to produce electric car batteries and solar panels could rise

By Sheena Vasani@SheenaV123 Aug 17, 2022, 4:53pm EDT…

The world’s biggest electric vehicle battery maker, Contemporary Amperex Technology Co. Limited (CATL), and Intel are among the major companies shutting down their factories for six days in China’s Sichuan province because of a heatwave-related power shortage in the area, according to CNN and Bloomberg.

The move affects factories belonging to companies like Tesla’s battery supplier CATL, Apple’s supplier Foxconn Technology, Toyota, Texas Instruments, Volkswagen, Onsemi, and more.

China ordered all Sichuan factories to pause operations until August 20th to alleviate the pressure placed on the power grid after China’s worst heatwave in 60 years resulted in increased air conditioning usage. According to CNN, temperatures spiked to 104 degrees Fahrenheit in several cities (40 degrees Celsius).