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Tesla Share Price Rallies on Rumours of Plans to Open New Stores

Simon Mugo

Shares of Tesla (NASDAQ: TSLA) were up 1% premarket to trade at $1500 extending yesterday’s gains on news that the EV manufacturer was planning to open new stores and sales centres.

The move is a stark departure from the company’s earlier plans to shutter all of the company’s current stores and shift entirely to online sales as outlined by Elon Musk slightly over a year ago.

Elektrek, which reported on the above change in strategy, also added that Tesla could make a smaller Cybertruck for Europe citing Elon Musk, Tesla’s CEO.

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Tesla share price

Tradingview chart of Tesla share price 04082020

Tesla’s share price had since dropped from the $1500 level to trade at $1491 at the time of writing.

Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.