Why Tesla Shares Are Revving Up Premarket Today

Shares of electric vehicle maker Tesla, Inc. TSLA rose sharply in premarket trading on Monday amid reports that the company would manufacture 25,000-euro EVs in its Giga Berlin plant.

Tesla CEO Elon Musk said in a post on Friday that he was on a visit to the German plant, which manufactures Model Y cars. An unofficial X account, which posts news on the factory, said Musk told employees during his visit that the company would make its next-gen, affordable 25,000-euro car in the factory.

The stock could also be getting a lift from the broader market strength. Stock futures traded up early Monday, signaling that the major averages could extend their gains for a sixth straight session. When sentiment turns positive, traders typically pile into high P/E growth stocks such as Tesla.

Future Fund’s Gary Black said in a post on X, formerly Twitter, that Tesla investors could be anticipating additional price hikes, cheering favorable M-3 Highland reviews, and looking ahead to the Nov. 30 Cybertruck delivery event. 

In premarket, Tesla stock rose 2% to $224.36, according to Benzinga Pro data.

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See Also: Everything You Need To Know About Tesla Stock