Why Tesla Stock Popped on Friday
Defying today's market downturn, shares of electric vehicle (EV) leader Tesla (NASDAQ: TSLA) are revving up in Friday afternoon trading, gaining a solid 3.6% as of 12:20 p.m. ET. And for a change, it's some good news out of China that is driving Tesla higher.
Specifically, Reuters reports that in the month of June, Tesla sold 78,906 EVs manufactured in China.
That's more than twice the 32,165 vehicles that Tesla was able to crank out in China in May. And it was a huge turnaround from April, when Tesla's Shanghai Gigafactory was mostly shuttered during a crackdown on the spread of coronavirus, and produced barely 1,500 automobiles. Indeed, according to Reuters, the 78,906 cars produced in June set a new record for Tesla's Chinese plant.
Source Fool.com
