Guess Why Tesla Stock (NASDAQ-TSLA) Is Trending Today?

Summary

• China’s Tesla owners will now be able to charge their vehicles even at the dizzying height of 17,000 feet.
• As competition heats up in the world’s largest EV market, Tesla doubles efforts to maintain the lead.
• Tesla’s sprawling factory in Shanghai can produce up to 10,000 cars every year.

While the reasons may vary, one close guess could be the news of its ‘super’ charging station near the Everest base camp. The EV maker has set up a charging station near Tibet, thousands of kilometers away from the capital Beijing, as it sets eye on entire China and Everest is no exception.

The new station is in Tingri, which is close to a base camp of the picturesque Mount Everest. Tesla has recently set up 11 superchargers across China, including the one in Tibet as part of its expansion.

As competition heats up in the world’s largest electric vehicle market, the American auto giant has doubled its efforts in the Communist nation to maintain its lead.

China’s Tesla owners will now be able to charge their vehicles even at the dizzying height of 17,000 feet above sea level while relishing nature atop the unmatched scenic mountain range.

The charging station is built in the parking lot of the “Roof of the World Hotel” in the town of Tingri. Tesla China released a photo of the station with the majestic Mt. Everest in the background.

Tesla’s sprawling gigafactory in Shanghai can produce up to 10,000 cars every year. The EV-maker built around 760 superchargers in China by the end of March, adding over 30% this year alone. The Shanghai factory produces its V3, S, and Y Models.

Tesla stock was up 4.79% to US $709.44 at the close on Friday, April 30, which was an increase of 4.79% from the previous session.

Pic Credit: Pixabay.

Also Read: Tesla (NASDAQ:TSLA) Competing With Fast-Growing China Based EVs

Tesla in Mission Mode

Tesla China had sold over 30,000 cars in March, three times the figures in the same period of 2020. This exponential growth was equaled by the installation of the superchargers.

Besides these assets, it also has 150 state-of-the-art stores for its customers.

However, a global chip shortage continued to haunt automobile companies like Tesla. Some automakers in the US were forced to reschedule production due to the supply crunch.

Despite these challenges, Tesla has posted significant income in the first quarter of 2021.

Its non-GAAP net income rose 363% to US$1.05 billion in the quarter ended March 31, compared to the same period a year ago. Its earnings per share (EPS) was 93 cents, compared to 23 cents in the corresponding period of 2020, the company said in a release to shareholders.

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The company will start delivery of its new Model S from May even as its plans to ramp up production by the third quarter. The demand for its Shanghai-made Model Y cars continues to grow, it said.

Tesla eyes a 50% jump in vehicle production this year after its planned factories in Berlin and Texas start production and deliveries.