Why Tesla Shares Are Rising

Tesla Inc TSLA shares are trading higher amid continued volatility in EV names and as the stock rebounds following speculation of a stock sale by Elon Musk. A Reuters report highlighted global automakers plan to spend over $500 billion on EVs through 2030.

Tesla shares were otherwise trading lower Tuesday as the stock pulled back from its recent surge amid speculation Elon Musk may sell shares. China-made vehicle sales also reportedly fell 3% month over month in October.

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Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. The company sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities.

Tesla has a 52-week high of $1,243.49 and a 52-week low of $396.03.