Meanwhile, responding to rumors that Giga Shanghai might remain shuttered till mid-May, Tesla China VP Grace Tao said on social media platform Weibo these are nothing but rumors and the company is working on identifying the source of information, Teslarati reported, sharing a screengrab of the Weibo post. Related Link: How Tesla Stock Can Be Overvalued And Substantially Undervalued At the Same Time Why It's Important: China is one of the key markets for Tesla as it strives to preserve and grow its market share amid intensifying competition from nimble startups and legacy automakers. The Giga Shanghai has also served as a major export base for the company.