Why Tesla Stock Keeps Racing Higher
For the fourth day in a row, Tesla (NASDAQ: TSLA) stock drove higher, up 4.9% as of 11:45 a.m. ET after a Reuters report revealed why the EV maker is raising production numbers at its Shanghai Gigafactory: Turns out, when the price is right, Chinese car shoppers are happy to buy Teslas.
Yesterday, Tesla announced plans to increase production rates in Shanghai, to the point where it will be churning out 20,000 EVs per week by the end of February -- or more than 1 million electric cars per year. And what's inspiring this sudden production ramp, you ask?
Tesla's sales in China jumped 18% sequentially in January.
Source Fool.com
