NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Tesla Skyrockets About 10% In Premarket: What's Fueling The Dramatic Rally?

Published 29/04/2024, 12:14
© Reuters Tesla Skyrockets About 10% In Premarket: What's Fueling The Dramatic Rally?
BIDU
-
TSLA
-

Benzinga - by Shanthi Rexaline, Benzinga Editor.

Tesla, Inc. (NASDAQ:TSLA) shares were on a tear in premarket trading on Monday – the catalyst being CEO Elon Musk’s surprise visit to China.

Following his meeting with the country’s second-in-command, Premier Li Qiang, and other key officials, Musk has reportedly succeeded in getting approval for rolling out full-self driving in China. Musk himself tweeted about the meeting on his X account.

Tesla will likely partner with Baidu, Inc. (NASDAQ: BIDU for mapping and navigation. Commenting on the development, Wedbush’s Daniel Ives said this partnership was important for getting the green light from Beijing.

“Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view,” he said. “This news will be a major focus from investors this morning as it shows how close the FSD vision in China is to becoming a reality for Tesla.”

The analyst has an Overweight rating and a $275 price target for the stock.

In premarket trading, the stock climbed 9.91% to $184.97, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: Everything You Need to Know About Tesla Stock

Photo via Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.