Tesla is rallying after announcing it's building a factory in China (TSLA)

pulse

June 22, 2017 7:57 PM

Rumors were circulating after Musk visited the country and met with high-ranking officials, but the news was confirmed Thursday afternoon.

Shares of Tesla are popping, up more than 2%, after the company announced it would be building a car factory in China.

Rumors have been circulating ever since Musk visited the country and met with high-ranking officials at the end of April, but the news was confirmed Thursday afternoon. Tesla shares jumped shortly after the confirmation.

The company had previously announced plans to increase car production to 500,000 vehicles a year. That's something a Chinese plant would help accomplish.

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