Tesla (TSLA) Pre-Market Price Rising on Cautious Return to Production

Colin Muller

Tesla’s (NASDAQ: TSLA) stock is rising today on pre-trading, on news that some Tesla workers are returning to work at the company’s Fremont, California plant. The multifaceted company’s stock has risen over the weekend about 2% from its Friday closing price of $725.15.

“Dozens” of workers are reportedly scheduled to return to work as on April 29, despite a standing municipal ordinance that all non-essential work be halted until May 3, at which point the situation will be re-assessed. It just so happens that the company’s earnings report is due on the same day.

Dramatic recoveryTesla chart by TradingView

Tesla has seen a dramatic recovery, like many stocks, since its mid-March collapse inspired by the COVID-19 pandemic. Although the stock was slightly down for the week last week, the week prior saw a 30% jump, and price is not too far away from the company’s all-time-high price in the $900 area.

Last week’s drop might be explained by China’s move to reduce subsidies offered for the purchase of electric vehicles. Just a few days ago, popular market analyst Jim Cramer still listed the company as a “buy”.

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