Tesla Inc. (NASDAQ: TSLA) announced Thursday it has got permission to build Model 3 vehicles in China. Earlier, it was disclosed that Tesla was in talks with CATL regarding the use of LFP batteries in cars made at its plant in China.
Model 3 vehicles for which Tesla has received ratification from the government also equipped with lithium iron phosphate (LFP) batteries.
It is not revealed yet who is the battery maker. Document on the website of the Ministry of Industry and Information technology has disclosed that Tesla got china’s approval for model 3 vehicles.
Shares of Tesla shot up 8.9% and up +84.38 points during the last trading session of Wednesday. With the market capitalization of $185.45 billion, Tesla became the world’s second-largest automaker when it also excelled in Volkswagen AG.
Tesla has a closing price of $1025.05. It has a day low range of 982.50 and a day high range of 1027.48. TSLA has an operating margin of 2.80%, a gross margin of 18.20%, and a profit margin of -0.60%.