Tesla Stock Price and News: TSLA shares fall in pre-market, fire in Fremont factory reported
|- Teslas shares rally strongly from recent lows as tech recovers.
- Tesla shares rebound from below $600 on March 5 to near $700.
- Tesla shares suffer in Friday's pre-market as reports of a fire at its Fremont factory.
Tesla shares have been on a wild ride of late as the tech sector suffered heavy losses at the start of March. Worries about over-inflated valuations, profit-taking and investor fears over inflation all pressured high growth tech stocks lower. Tesla stock has seen an enormous appreciation in 2020 culminating in Tesla shares entering the S&P 500, so some profit-taking was inevitable once a risk-off appetite dominated.
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Tesla stock dropped from $900.40 on Jan 25 to $539.49 on March 5. Tesla shares struggled as investors also turned away from high-flying growth stocks to more value-based reopening stocks as investors bet on a strong reopening effect in the US economy.
This week tech has finally caught a bid with Tesla stock soaring nearly 20% on Tuesday, adding over $100 billion to its market capitalization on the day.
Tesla Stock News
Reports out overnight indicate a fire in tesla's Fremont factory. It is not clear if production was or will be affected but the fire was in a part of the factory currently under construction according to Reuters, citing Aisha Knowles at the Fremont Fire Department. "The deep-seated fire was contained to a vehicle manufacturing stamping machine", she added. The fire was caused by hydraulic fluid coming in contact with molten aluminum, the spokeswoman said.
Separately Tesla and India's TATA Power are in talks to explore some form of arrangement on charging infrastructure, according to Reuters. Shares in TATA Power have reacted positively to the news.
Also from China Reuters reports that Tesla takes two out of three top spots for new electric vehicle sales in China for February, citing Caixin Global.
Tesla shares dropped 4% in early pre-market trading on Friday, trading at $671.
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