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Why Tesla Stock Revved Higher on Friday

TheMotleyFool

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Tesla (NASDAQ: TSLA) investors have been having a rough week.

Through close of trading Thursday, shares of the electric car stock leader fell 11% from last week's close, as multiple reports of production slowdowns in Shanghai dinged the stock -- but there's better news for Tesla today. As of 11:20 a.m. ET, Tesla stock is up 4.1%, despite more news of production slowdowns in China.

Monday started off Tesla's week on a down note -- and an argument -- with Bloomberg reporting that December Model Y production in Shanghai would fall 20% in comparison to November levels. Tesla immediately disputed that report. But today, Reuters is reporting that not only will Model Y production be down by 20%, but it will be down by 30%.

Source Fool.com

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