What's Going On With Tesla Stock Today

Tesla Inc TSLA shares are trading higher by 3.09% to $229.28 Wednesday afternoon after falling earlier in the week on China price cuts.

What Happened?

Tesla has lowered the starting prices for its Model 3 and Model Y vehicles in China. The Model 3 sedan was reduced to 265,900 yuan ($36,612) from 279,900 yuan. The Model Y SUV now costs 288,900 yuan ($39,779), which is down from the previous price of 316,900 yuan.

Tesla raised vehicle prices in China, as well as in the U.S., earlier this year due to rising material costs, but this is Tesla's first price cut...Read More

What Else?

Tesla last week also reported third-quarter revenue of $21.45 billion, up 56% year-over-year. The total came in shy of analyst estimates of $21.96 billion. The company reported automotive revenue of $18.69 billion in the third quarter, up 55% year-over-year.

In the third quarter, Tesla reported record revenue, free cash flow and operating profits despite what the company called “material headwinds.”...Read More

According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $198.59.