Why Tesla Stock Jumped Today
's (NASDAQ: TSLA) biggest factory and biggest market is in China. Its Shanghai plant is also thought to be its most profitable. News from its biggest Chinese competitor has Tesla shares surging today. As of 1:35 p.m. ET, Tesla shares had jumped 6.3%.
Today's move has helped Tesla shares rise almost 10% over the past week. The jump comes after China-based BYD reported record vehicle deliveries and profits that tripled in the first half of the year.
Tesla doesn't just do business in China, of course. The company has been prescient enough to expand in the U.S. and European markets as well. But its Shanghai plant can produce more than 1 million units annually and it's thought to be the most profitable. So when Warren Buffett-backed BYD just reported it tripled its profit year over year to $1.5 billion in the first half of 2023, it reinforces a trend of strong electric vehicle (EV) sales in China that should continue to benefit Tesla.
Source Fool.com
Tesla Inc Stock
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With a target price of 410 € there is a hugely positive potential of 51.94% for Tesla Inc compared to the current price of 269.85 €.
