Elon Musk presented great news about several developments at yesterday’s shareholder meeting, and the stock has taken off. The Tesla stock is now selling for 314 up from yesterday's low at 287.
- Tesla has been struggling for the past year due to problems meeting production goals and demands.
- Musk revealed that the company is performing better and has plans to open a factory abroad, which helped the stock.
During yesterday’s shareholder meeting, Elon Musk announced that Tesla is well on its way to meeting the production goal of 5,000 Tesla Model 3 cars a week. In fact, Musk told shareholders that it was “extremely likely” that they would meet the goal by the end of the month.
Musk also revealed plans to open the company’s first factory outside of the United States. The factory will open in Shanghai, and the news came only months after the Chinese government announced that foreign electric car manufacturers are allowed to open and fully own factories in the country.
Tesla’s Stock Popped and is Running Fast
Immediately after the meeting, the Tesla stock surged, and the stock has passed 314 after yesterday’s bottom at 287 – so far a 9 percent increase that is expected to continue.
We should expect to see the stock grow even further if Musk is right about the production goals and the car manufacturer could end up having a really great summer after having struggled for quite some time.