Why Tesla Stock Zoomed 4% Higher on Monday
(NASDAQ: TSLA) stock kicked off the trading week in style, motoring more than 4% higher in price on Monday. This was largely due to not one but two positive news items for the company. The pop was in contrast to the essentially flat performance of the S 500 index on the day.
The first, and potentially more impactful, piece of news came from India. Bloomberg reported that the massive country's government might offer tax breaks to electric vehicle (EV) manufacturers that build their autos there. The tax breaks could be in force for up to five years, added the news agency, which cited "people familiar with the matter," as its sources. It did not, however, get into specifics as to how much of a break might be provided.
Currently, Tesla must pay import duties of 70% to 100% of the value of its vehicles. In 2021 it had unsuccessfully lobbied for that rate to be cut to 40%.
Source Fool.com
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