Why Tesla Stock Was Slumping on Friday

Not for the first time in its history, Tesla (NASDAQ: TSLA) stock was on a bit of a rollercoaster on Friday. Shares of the bellwether electric vehicle (EV) company rose nearly 2% higher during the trading day before cooling off; in late afternoon trading, they were down by almost the same percentage. This had much to do with hot rumors of a production ramp-up.

Several media reports published late Thursday and early Friday stated that Tesla aims to increase the output of its Shanghai gigafactory. This is the EV giant's main production facility in Asia; the company's Model 3 sedan and Model Y SUV are manufactured there.

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Source Fool.com