Source: Autonews
Tesla stock is rising Monday as the company is set to ramp up its new European production capacity this week.
Tesla’s (ticker: TSLA) stock is up 2.6% on Monday morning trading at about $929 a share. The S&P 500 and Dow Jones Industrial Average are up 0.1% and down 0.5%, respectively.
At $919 a share, Tesla stock is worth about $950 billion.
Tesla’s Gigafactory in Berlin, Germany, is set to formally open this week, in what the future held for the electric vehicle producer’s extension in Europe – and significant success for its financial backers.
Chief Elon Musk and German Chancellor Olaf Scholz are both expected to go to the Giga Berlin lace cutting function on Tuesday when the organization will give many clients their new Model Y vehicles.
The hotly anticipated assembling office first declared by Musk in quite a while confronted various misfortunes, to a great extent from the COVID-19 pandemic and difficulties in accomplishing development grants from neighborhood specialists.
The State Office for the Environment in Brandenburg at long last allowed restrictive endorsement recently for the plant to start business creation of up to 500,000 vehicles each year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 921.16 | +15.77 | +1.74% |
“The red tape and headaches seen around the delays/disputes opening up this flagship European factory have been frustrating for investors to watch unfold as many on the Street were doubting if Giga Berlin ever actually would open,” wrote Wedbush Securities analysts Daniel Ives and John Katsingris wrote in a report this week. “We cannot stress the production importance of Giga Berlin to the overall success of Tesla’s footprint in Europe and globally.”
