What happened
Shares of the electric car company Tesla (NASDAQ: TSLA) it jumped on Monday, rising around 9% by the time the market closed.
The stock gain follows a pullback in the stock price toward the end of last week. Some investors may have thought that Friday’s cut created a good buy opportunity, helping fuel a rally in equities on Monday. But there are other potential reasons for the stock surge on Monday, including the uptrend in the general market and speculation that the automaker will build new and improved batteries at its factory in Berlin, Germany, based on new technologies.
Tesla factory. Image source: The Motley Fool.
And that
It was not surprising to see Tesla shares go up on Monday. Highlighting the positive sentiment in the stock market in general, the Nasdaq It rose 1.7% at the close of the market. Many growth stocks like Tesla rose further.
But the automaker’s stocks may also have received a boost from a report that Tesla could be gearing up to make batteries based on new technology. Jorg Steinbach, Minister of Economy in Germany and “one of the main sponsors” of the new Tesla factory in the country (according to Electrek), says that the company will build a new battery with higher energy density, allowing a greater range of conduction.
Now what
Steinbach told RBB24, a Germany-based news website, that Tesla will share more details about this battery at an event in late September.
The company has a Battery Day event scheduled for September 22. If this new battery really does hit the market, investors can learn more about Tesla’s technology and plans for it during this event.
