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TSLA Stock Up 1% in Pre-market, China Paves Way for Tesla Model Y
CoinSpeaker - 11/30/2020 11:53:00 AM - GMT (+0 )
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CoinSpeaker - 11/30/2020 11:53:00 AM - GMT (+0 )
Tesla applied for the Shanghai-made Model Y SUV sales permission earlier this month and got the permission to start sales.
Tesla Inc (NASDAQ: TSLA) shares were up approximately 1.25% from Friday’s close to trade around $593.11 during Monday’s pre-market. The tweak on Monday is perhaps attributed to news from the China ministry of Industry and Information Technology that gave the giant EV maker permission to start selling its Shanghai-made Tesla Model Y sports utility vehicle in the country.
China and Tesla Model YUnveiled last year, Tesla Model Y is dubbed as an electric compact crossover utility vehicle that is based on the Model 3 sedan platform.
Tesla has set Model Y assembly in its Fremont Gigafactory with future expansion expected in Germany and China. With China sales approval, the production is set to be scaled according to the demand, as the company anticipates to ship more units to Europe.
Notably, Tesla applied for the Shanghai-made Model Y SUV sales permission earlier this month. Although being an American company and China having fierce competition in the electric vehicle industry, the approval was seamless in accordance with the company’s expectations. This is a huge aspect that is expected to shape the future revenue growth of the company. Notably, the shareholders are going to be among the largest beneficiaries of the approval.
However, the Chinese market will significantly benefit in job creation, tax collection and also fast transitioning to electric vehicles. The symbiotic relationship paves way for Tesla shares success despite the trade disputes between China and the United States.
Tesla KeynotesTesla has managed to climb to the top in the past few years despite most of its models being less than a decade old. As it ventures into new markets and industries, the company is facing technical challenges thus compelled to recall some of its productions.
The US National Highway Traffic Safety Administration has recently been forced to open an investigation of 115,000 Tesla vehicles over front suspension safety issues.
In addition, Tesla has also recently announced that it will retire 9,136 Model X cars manufactured between 2015 and 2016. The model Y has also been affected with the authority recalls as Model Y 401 vehicles are said to have loose bolts in the car’s upper control arm and the steering knuckle. Notably, the company indicated that all the work for the repairs will be done for free.
Tesla shares remain heavily invested with the early success of most models in different markets. With the increased technical calls in different models, it is a call for alarm for future success. However, the company still remains a giant in the electric vehicle industry.
According to the metrics provided by MarketWatch, Tesla shares have rallied approximately 600% year to date.
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