Tesla Stock Surges on Ramped Up China Production

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The company is reportedly raising output to nearly 20,000 vehicles per week

Tesla Inc (NASDAQ:TSLA) is up 3.7% to trade at $188.07 at last check, after Reuters reported the electric vehicle (EV) giant will raise output to nearly 20,000 vehicles per week at its Shanghai factory in the next two months, as demand ramps up amid lowered prices.

Shares are trading at their highest level since December, though a ceiling remains at the $200 level. Tesla stock is also eyeing its second close above the 80-day moving average, and has added 54.1% already in 2023.

Option traders are firmly bullish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TSLA sports a 50-day call/put volume ratio of 1.23 that sits in the 98th percentile of readings from the past 12 months.

That optimism is prevalent among analysts, too, with 15 of the 25 analysts in question rate Tesla stock a “buy” or better. The 12-month consensus target price of $190.68 is just a slim premium to current levels, meaning the security could still attract price-target hikes moving forward.