Why Tesla Stock Started the Week With a Pop
Tesla (NASDAQ: TSLA) shares jumped to start this week's trading after a weak start to the year. As of 10:15 a.m. ET, the stock was higher by 7% so far today, but that still hasn't gotten it into the green for 2023.
Much of Tesla's trading last week was focused on its performance in the important Chinese market. Deliveries from the company's Shanghai facility dropped in December, and Tesla also announced price cuts for Chinese customers. But investors seem to be looking at the bigger picture today.
Though the price cuts and lower sales in China reflect growing competition and what will likely result in a drop in market share for Tesla, the stock is getting a boost as investors see how much the overall electric vehicle (EV) market is still growing. New data shows that U.S. EV sales surpassed 807,000 in 2022, reports The Wall Street Journal.
Source Fool.com
