Why Tesla Stock Rose Today on Bad News
Tesla (NASDAQ: TSLA), the electric-vehicle (EV) kingpin, is understandably best known for its EVs. In today's news, however, the company's stock is inching up a modest 1.9% in 1:50 p.m. EDT trading for reasons that have little to do with EVs.
Let's begin with the bad news. As multiple news outlets have now reported, Tesla's giant Australian battery venture -- the "Victorian Big Battery" that provides backup electricity to Victoria state in Australia -- caught fire early Friday, local time. Or rather, one of the Tesla "megapack" batteries making up the power warehouse did.
No one was injured in the blaze, and its cause is unknown. Nevertheless, the incident represents at least a minor setback for Tesla, which has been working to make battery electricity storage a bigger part of its business.
Source Fool.com
