Shares of Tesla are popping, up more than 2%, after the company announced it is exploring a car factory in China.
ADVERTISEMENT
Tesla is rallying after announcing it's exploring a factory in China (TSLA)
Rumors were circulating after Musk visited the country and met with high-ranking officials, but the news was confirmed Thursday afternoon.
ADVERTISEMENT
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.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Top 10 African countries with the highest fuel prices in April 2024
The gold trade in Uganda makes a huge comeback
Best live dealer casino: Top USA live casinos online
Best real money online casinos USA: Top 10 casino sites in 2024
OPEC excited about partnership with Namibia
The US loses to Russia and China in popularity across Africa
Top 10 most valuable South African brands in 2024
Africa's giants play tug of war for the top economic spot