rtmark
LearnBonds.com

Tesla stock fallson Elon Musk vows to move factory out of California

Tesla stock

Tesla (NYSE: TSLA) stock price almost 5% after the chief executive Elon Musk said he would sue Alameda County, California, immediately, saying that an “unelected & ignorant” interim health officer is acting contrary to the governor, the President, and the UU Constitution.

The 48-year-old billionaire is among the biggest advocates of the reopening of economic activities in the midst of coronavirus spread.

Tesla was planning to reopen its largest car manufacturing facility on Friday, but local health authorities foiled its plans. The factory has been closed since 23 March due to social distancing orders from Alameda County. The argument continues as the firm suffered a plunge sales in China last month, according to government sources. The stock traded around $815 on Monday morning.

Tesla stock

In the lawsuit, Tesla alleged that Local County has ignored California’s governor Gavin Newsom orders to permit transportation and 15 other infrastructure industries to continue work.

In a tweet, Elon Musk has also threatened to move its factory from California to Texas or Nevada immediately.

“Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future. Tesla is the last carmaker left in CA,” he wrote.

Tesla stock

Tesla stock price has doubled since hitting March lows as the electric vehicle manufacturer has been aggressively chasing its full-year delivery target of 500,000 units despite lockdowns. Tesla’s stock trading value jumped close to 90% since the beginning of this year.

Besides conflict with Local County over reopening, Tesla stock trading also came under pressure on Monday as its Model 3 sedan sales in China plunged 64% to 3,635 units in April from the previous month, bringing the total Model 3 car sales to 19,705 since the beginning of this year, according to the China Passenger Car Association.

Car sales declined sharply in China due to the health crisis, but in an earnings call, Elon Musk said that Tesla is lowering the price of Model 3 in China to increase sales.

If you plan to invest in stocks, you can checkout our featured stock brokers here.  

Trusted & Regulated Stock & CFD Brokers

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.