Tesla Inc’s (NASDAQ:TSLA) stock traded higher Thursday by more than 2% amid overall strength in the market, as well as reports suggesting the company is setting up a new production plant in India.
Tesla outperformed other EV competitors Rivian Automotive Inc (NASDAQ:RIVN) and Nio Inc ADR (NYSE:NIO) Thursday, which both traded slightly lower late into the session.
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The company will reportedly aim to produce 500 thousand vehicles a year in India. Lawmakers are also pressuring the EPA to institute a new rule that would help boost electric vehicle sales throughout the next decade.
Wild Ride: Tesla’s stock traded at around $110 a share at the beginning of 2023, amid weakness in big technology names as well as uncertainty surrounding Elon Musk’s purchase of Twitter. The stock has since rebounded quickly and is now trading up more than 140% from its lows in January. Tesla shares traded around $279 Thursday afternoon, nearing its highest price in six months.
Tesla remains a highly-shorted stock. To see a full list of stocks with high short interest, click here.
