Tesla (TSLA 6.26%) stock kicked off the trading week in style, motoring more than 4% higher in price on Monday. This was largely due to not one but two positive news items for the company. The pop was in contrast to the essentially flat performance of the S&P 500 index on the day.
A potentially monster tax break in India
The first, and potentially more impactful, piece of news came from India. Bloomberg reported that the massive country's government might offer tax breaks to electric vehicle (EV) manufacturers that build their autos there. The tax breaks could be in force for up to five years, added the news agency, which cited "people familiar with the matter," as its sources. It did not, however, get into specifics as to how much of a break might be provided.
Currently, Tesla must pay import duties of 70% to 100% of the value of its vehicles. In 2021 it had unsuccessfully lobbied for that rate to be cut to 40%.
India's trade minister Piyush Goyal is in San Francisco attending the Asia-Pacific Economic Cooperation (APEC) Leaders' Week event. Bloomberg said Tesla CEO Elon Musk will probably meet with Goyal, presumably to discuss the issue.
More Superchargers are headed to the U.K.
Separately, Tesla struck a deal to sell a clutch of its Superchargers to U.K. gas station operator EG Group, the latter company announced. These units will not carry the Tesla name; instead, they will be branded "evpoint." They will operate on an "open network" basis, meaning that they can be used to recharge any EV, not just Tesla models.
EG Group did not specify the number of Superchargers it is purchasing, nor did it provide the financial particulars of the deal.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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November 14, 2023 at 05:36AM
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Why Tesla Stock Zoomed 4% Higher on Monday - The Motley Fool
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