Tesla stock rallies as US boosts EV tax credit and China sales jump amid price cuts
Tesla stock climbed on Friday on news of a wider US tax credit for electric vehicles and a sales spike in China.
Under the Inflation Reduction Act, SUVs can cost up to $80,000 to qualify for EV tax credits. But cars, sedans and wagons must cost less than $55,000. But on Friday, Treasury broadened its definition of SUV, allowing more models from Tesla and other carmakers to qualify for EV tax credits that can reach up to $7,500 per car.
Meanwhile, Tesla sold 55,796 vehicles in China in January, according to data published Friday by the China Passenger Car Association.
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