Why Tesla Stock Bounced Today
Shares of Tesla (NASDAQ: TSLA) are reacting to an overnight report on how it it planning to ensure it has the raw materials to continue to lead the EV market as it grows. The report has Tesla shares jumping in early trading. As of 11:03 a.m. ET, the stock was up 3.5%.
Tesla has plans to add another battery supplier, and it is one of the largest EV makers in China, according to CNBC. That supplier, Chinese automaker BYD, is also a company Warren Buffett likes. Buffett's Berkshire Hathaway owned 225 million shares of BYD as of Dec. 31, 2021, representing a 7.7% ownership stake in the company. The report quoted BYD Vice President Lian Yubo as saying his company is "now good friends" with Tesla CEO Elon Musk, and that BYD is ready to supply batteries to Tesla soon.
Source Fool.com
