Tesla stock gains 3% after company breaks ground on Chinese factory
Shares of Tesla Inc. rose 3% in midday trading Monday on the heels of the Silicon Valley auto maker's breaking ground on its factory in Shanghai and news that Model 3 deliveries in China are expected to start in March. "Gigafactory 3 will allow Tesla to localize production of Model 3 and future models sold in China, with plans to eventually produce approximately 3,000 Model 3 vehicles per week in the initial phase and to ramp up to 500,000 vehicles per year when fully operational," Tesla said in an early Monday statement. Chief Executive Elon Musk had announced the groundbreaking in a series of tweets late Sunday. Tesla stock is up 3.8% in the last 12 months and has started the year in the red, down 1.3% so far in January. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.