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

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Updated: 04 August 2020

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.

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.