Tesla shares extend end-of-week rally with 6% surge early Monday

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Tesla Inc. stock TSLA, +6.14% rallied anew in early trade Monday, continuing the move that saw it reverse an intraday loss Friday of about 8% to close up 2.5%. The initial dip came after Tesla said it has slashed prices in China for the second time in three months, in an apparent effort to boost sales of its electric vehicles hours after announcing disappointing December deliveries in China. Prices for the Model 3 sedan and Model Y SUV were cut by more than 10%, according to Tesla’s website late Thursday, with the Model 3 falling to 229,900 yuan ($33,415) from 265,900 yuan ($38,647), and the Model Y dropping to 259,900 yuan ($37,775) from 288,900 yuan ($41,990). Tesla also announced prices for two models new to the Chinese market: 789,900 yuan ($114,809) for the high-performance Model S Plaid, and 879,900 yuan ($127,890) for the Model X Plaid. In October, Telsa cut Model 3 and Model Y prices in China by as much as 9%. The stock has been under pressure from weak demand and the perception that Chief executive Elon Musk is distracted by Twitter Inc., which he acquired in November for $44 billion, a part of which he funded by selling Tesla stock. The stock is down 65% in the last 12 months, while the S&P 500 SPX, -0.02% has fallen 17%.

This article was originally published by Marketwatch.com. Read the original article here.

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