Daily Management Review

Tesla shares go up after new plant opens in Germany


Tesla shares rose 6 percent after opening of an auto plant in Germany on Tuesday, trading data showed.

Ivan Radic
Ivan Radic
The company's shares rose 5.89 percent to $976.03 per security. The index climbed to a high of $977.23 during trading.

Tesla's auto plant in the German state of Brandenburg received a permit to operate in early March, and on Tuesday the first electric cars assembled in Grünheide will be handed over to owners.

Tesla began building the plant in Brandenburg about two years ago after receiving 19 preliminary permits. The head of the company, Elon Musk, initially hoped to start production in mid-2021. At the first stage, it is planned to produce up to 500,000 cars a year, the number of employees will be about 12,000. Currently, about three thousand people work at the production facility.

source: ft.com