Tesla Inc CEO Elon Musk takes off his coat onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020.
Aly Song | Reuters
Don’t look now but Tesla is jumping again.
Shares of Tesla climbed as much as 9% in premarket trading on Monday, back above the $800 level it hit amid last week’s wild swing. Part of the reason appears to be positive news from China, after the Shanghai municipal government said it would help companies like Tesla “resume production as soon as possible,” according to Reuters. Tesla’s Shanghai factory has been closed as the Chinese government looks to contain the coronavirus epidemic that has killed more than 900 people.
The stock looks likely to continue its wild speculative trading, as the Shanghai announcement came out Friday evening but shares gained steam in early Monday trading.
Overall stock market futures pared their losses after Chinese President Xi Jinping said he would adopt more decisive measures to curb the spread of the coronavirus.
Tesla had a crazy week last week, jumping double digits on Monday and Tuesday and then falling 17% on Wednesday.
