With the China issue still simmering, it’s especially impressive how Tesla stock has bounced back today. $TSLA closed at $286.94 yesterday, but has surged past $300. As Teslarati points out, that’s a 20 percent increase since hitting a one-year low. That represents a capital gain of about $9 billion.
Much of the rebound is likely due to Tesla’s production results. The company produced a total of 34,494 vehicles in Q1, with almost 10,000 of those being the Model 3. Tesla said it built 2,020 units of the Model 3 in the last week of March, and is targeting 5,000 per week in about three months. The company also claimed it didn’t need to raise more capital, saying that “Tesla does not require an equity or debt raise this year, apart from standard credit lines.”
As of this writing, Tesla has closed up 6.5 percent for the day, at $305 per share. It appears the struggle between Tesla shorters and true believers is far from over.