Why Tesla Stock Rocketed Higher Today

(NASDAQ: TSLA) stock may be coming off its best week since last January, but investors aren't taking profits today. Shares of the electric-vehicle (EV) leader soared higher Monday after news over the weekend that CEO Elon Musk made a surprise -- and productive -- trip to China.

Tesla shares jumped after it was reported that Musk met with China's Premier Li Qiang, and the company received approval to move forward with its Full Self-Driving (FSD) software technology in its China-built EVs. The stock was higher by 12.3% as of 11:05 a.m. ET, bringing the gains to more than 30% since the start of last week.

Investors are reacting to the reports that Musk's trip resulted in approval for the company to roll out its FSD software in China and to transfer data overseas. That's a huge step for the American company, as it competes with Chinese EV makers in the world's largest automotive market.

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Source Fool.com