Shares of electric vehicle maker Tesla, Inc. (NASDAQ:TSLA) rose sharply in premarket trading on Monday amid reports that the company would manufacture 25,000-euro EVs in its Giga Berlin plant.
Tesla CEO Elon Musk said in a post on Friday that he was on a visit to the German plant, which manufactures Model Y cars. An unofficial X account, which posts news on the factory, said Musk told employees during his visit that the company would make its next-gen, affordable 25,000-euro car in the factory.
The stock could also be getting a lift from the broader market strength. Stock futures traded up early Monday, signaling that the major averages could extend their gains for a sixth straight session. When sentiment turns positive, traders typically pile into high P/E growth stocks such as Tesla.
Future Fund's Gary Black said in a post on X, formerly Twitter, that Tesla investors could be anticipating additional price hikes, cheering favorable M-3 Highland reviews, and looking ahead to the Nov. 30 Cybertruck delivery event.
In premarket, Tesla stock rose 2% to $224.36, according to Benzinga Pro data.
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