Tesla Skyrockets About 10% In Premarket: What's Fueling The Dramatic Rally?

Tesla, Inc. TSLA shares were on a tear in premarket trading on Monday – the catalyst being CEO Elon Musk’s surprise visit to China.

Following his meeting with the country’s second-in-command, Premier Li Qiang, and other key officials, Musk has reportedly succeeded in getting approval for rolling out full-self driving in China. Musk himself tweeted about the meeting on his X account.

“Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view,” he said. “This news will be a major focus from investors this morning as it shows how close the FSD vision in China is to becoming a reality for Tesla.”

The analyst has an Overweight rating and a $275 price target for the stock.

In premarket trading, the stock climbed 9.91% to $184.97, according to Benzinga Pro data.

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