Tesla Inc (NASDAQ:TSLA) shares are trading higher Monday amid the reopening of Shanghai.
Shanghai began easing lockdown measures at the start of June and has since ramped up its reopening efforts amid a sharp decline in daily Covid cases.
Tesla's Gigafactory Shanghai was forced to shut down in April following a citywide lockdown in response to a COVID-19 surge. Tesla reportedly makes more than 2,000 vehicles per day at its China-based facility.
Tesla rival NIO Inc (NYSE:NIO) on Monday announced that its operations have returned to pre-COVID levels, according to a CnEVpost report, citing an update posted on Nio's mobile app.
Related Link: Why Nio Stock Is Trading Higher Today
Tesla shares are also trading higher following news that President Biden will invoke the Defense Production Act in response to trade disputes to help drive U.S. solar panel production.
Tesla is a vertically integrated sustainable energy company. The company sells solar panels and solar roofs for energy generation alongside several other electric-powered products.
TSLA Price Action: Tesla shares have traded between $571.22 and $1,243.49 over a 52-week period.
The stock was up 1.23% at $712.12 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
