Here's Why Tesla Stock Rose Today
Shares in Tesla (NASDAQ: TSLA) are moving higher Tuesday morning after reports of a record month out of its plant in Shanghai, China. As of 10:50 a.m. EDT, the stock was up 1.6% and slightly off of the day's highs. The move brings the stock back above $800 per share, which also moves the company's market cap above $800 billion for the first time since Feb. 2021.
Investors got word today that Tesla sold more than 56,000 vehicles from its factory in China in September, setting a new monthly record. What's more, of those sales, only 3,853 were exported, according to a Reuters report. That's significant, because prior to September, most of Tesla's vehicles made in China have been exported in recent months, including more than 70% of August's production.
Source Fool.com
