Tesla surges 4% to record high amid approval from China to sell its Model Y SUV
- Tesla's stock hit a record high on Monday amid a report from Reuters that the electric vehicle company gained approval from
Chinato sell its Model YSUV in the country. Teslahas built up its manufacturing capabilities in Shanghai to produce the Model Y SUV.
- The company already sells its Model 3 in the country, and sold 13,000 vehicles in the country last month.
- Visit Business Insider's homepage for more stories.
The approval came in the form of documents released by China's Ministry of Industry and Information Technology, according to Reuters. Tesla requested permission from China to sell its Model Y earlier this month.Tesla has already been selling its Model 3 in the country, and delivered 13,000 vehicles in the country last month.
Tesla jumped as much as 4% in Monday trades, hitting a record high of $607.80. The move higher helped solidify its market valuation of more than $500 billion, though the gains eventually deteriorated in Monday's trading session.Tesla's Shanghai plant is proving to be instrumental in its expansion plans, as it begins to export Model 3 vehicles produced in China to Europe. The company also plans to begin building electric vehicle chargers at its Shanghai plant in 2021.
- 'Democracy has prevailed' says Joe Biden as he takes oath as the 46th President of the United States
- PM Modi congratulates Joe Biden, says he looks forward to strengthen India-US partnership
- Democracy has prevailed, says US President Joe Biden in his first speech. PTI ZH AKJ ZH ZH
- Joe Biden takes oath as 46th US President amidst unprecedented security. PTI ZH AKJ ZH ZH
- Kamala Devi Harris creates history as she takes oath as Vice President of USA