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Why Tesla Stock Is Racing Higher Today

Tesla Inc (NASDAQ: TSLA) shares are trading higher Thursday following bullish analyst coverage, as well as strong vehicle production numbers in China.

Benzinga · 06/09/2022 12:33

Tesla Inc (NASDAQ:TSLA) shares are trading higher Thursday following bullish analyst coverage, as well as strong vehicle production numbers in China.

UBS analyst Patrick Hummel upgraded Tesla from a Neutral rating to a Buy rating and announced a $1,100 price target, citing record backlogs, margin momentum and a structural competitive edge in the supply chain.

According to a Reuters report, citing the China Passenger Car Association, Tesla sold 32,165 China-made vehicles in May, including 22,340 vehicles for export. Tesla's Giga Shanghai reportedly produced 33,544 vehicles last month, representing a 212% increase from April.

Tesla's Shanghai factory was forced to shut down in April following a citywide lockdown in response to a COVID-19 surge. Tesla reportedly makes more than 2,000 vehicles per day at its China-based facility.

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TSLA Price Action: Tesla has traded between $1,243.49 and $593.50 over a 52-week period.

The stock was up 2.25% at $741.95 at press time, according to data from Benzinga Pro.

Photo: courtesy of Tesla.