Tesla jumps after saying it expanded its charging network in China

source
REUTERS/Kim Kyung-Hoon

  • Tesla‘s stock climbed after the company said it has expanded its charging network in China.
  • China is important for the electric auto maker because it’s larger than the North American market and the government has made efforts to increase electric car use.
  • View Tesla’s stock trade in real time here.

Shares of Tesla rose 3.5% on Thursday after the company said it has expanded its charging network in China, Xinhua News Agency reported.

Tesla’s China branch said its charging network is now in most cities in the Yangtze River delta, the Pearl River delta, the Beijing, Tianjin, and Hebei region, and areas in Chengdu and Chongqing.

The US electric auto maker now has over 1,000 superchargers – which are capable of charging vehicles within an hour – and more than 2,000 regular chargers across China.

China is an important market for the car maker because the country represents a larger auto market than the US and Canadian markets combined. The Chinese government has also made a conspicuous push to get electric vehicles on the road.

Last year, Tesla delivered Model S and Model X vehicles in China that could adapt to Chinese chargers, giving consumers more charging options outside of Tesla’s charging networks.

Investors are still wary about whether Tesla can meet its production goals and reduce its spending rate despite the company posting a smaller-than-expected fourth quarter loss and a slower cash burn.

Tesla’s stock was trading at $344.95 per share, and was up 7.41% for the year.

Read more about why one analyst thinks Tesla continues to ‘wade through the weeds.’

Tesla stock price

source
Markets Insider