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11.06.2020

Tesla extends China presence, stocks rally

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The company’s stocks jumped nearly 9% overnight, crossing $1,000 for the first time

Stocks impacted: Tesla Inc (TSLA)

Tesla has received government approval to build Model 3 vehicles in China equipped with lithium iron phosphate (LFP) batteries. Earlier this year, the company was reportedly in advanced talks to use LFP batteries from CATL in cars made at its plant in China. Tesla’s shares rallied almost overnight, crossing $1,000 for the first time. Demand for stocks was probably fueled by a leaked email from the CEO Elon Musk to employees. The letter says that the company wants to begin working toward volume production of its Tesla Semi. Also, the outlook for the company’s stocks improves amid the reopening of the U.S. and European economies and signs of increasing demand in China.

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