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Why Tesla Stock Jumped on Wednesday

TheMotleyFool

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The stock of Tesla (NASDAQ: TSLA) popped on Wednesday, jumping as much as 10.3%. At 2:50 p.m. EDT, however, the electric-car maker's shares were up 6.9%.

The growth stock's rise comes as shares continue to rebound from a massive sell-off due to the COVID-19 pandemic. Bullishness toward the stock on Wednesday likely reflects a combination of optimism in the overall market and reports that Tesla may be expanding its production capacity at its Shanghai factory.

The Tesla factory in Fremont, California. Image source: Getty Images.

Source Fool.com

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