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Why is Tesla Stock Jumping Today?

Madeleine Johnson

Shares of electric car maker Tesla TSLA closed up almost 4% today, briefly touching a new all-time high of $395.00. And, TSLA is up almost 60% over the past three months. TSLA is now on pace for its best quarter since Q3 2013.

What’s behind this bullishness? Well, Tesla’s surprise profit in last quarter has really boosted the stock investor optimism. And then you have the progress at the company’s Shanghai Gigafactory, where production is slowly ramping up and is overally a positive catalyst for Tesla. A phase one trade deal between the U.S. and China, announced last week, would also benefit Tesla’s operations in the country; CEO Elon Musk believes that the Chinese market will be key for Tesla’s future.

Musk also recently revealed plans for a fourth gigafactory in Berlin, which will help Tesla avoid any export complications moving its cars to Europe. Plus, the company just unveiled two new car models: the crossover SUV Model Y and the Cybertruck.

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