Tesla Skyrockets About 10% In Premarket: What's Fueling The Dramatic Rally? - Tesla (NASDAQ:TSLA)

Tesla, Inc. TSLA shares were on a tear in premarket trading on Monday – the catalyst being CEO Elon Musk’s surprise visit to China.

Following his meeting with the country’s second-in-command, Premier Li Qiang, and other key officials, Musk has reportedly succeeded in getting approval for rolling out full-self driving in China. Musk himself tweeted about the meeting on his X account.

Tesla will likely partner with Baidu, Inc. (NASDAQ: BIDU for mapping and navigation. Commenting on the development, Wedbush’s Daniel Ives said this partnership was important for getting the green light from Beijing.

“Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view,” he said. “This news will be a major focus from investors this morning as it shows how close the FSD vision in China is to becoming a reality for Tesla.”

The analyst has an Overweight rating and a $275 price target for the stock.

In premarket trading, the stock climbed 9.91% to $184.97, according to Benzinga Pro data.

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