Tesla Stock Hits Record High on News of EV Charging Network in China
Tesla Motors shares hit a record high last week after the company finalized plans for an electric vehicle charging network across China. The upstart U.S. automaker signed a partnership with China United Network Communications Corp., the country’s second-largest mobile phone company, to install 400 charging stations in 120 cities. Tesla spokesperson Peggy Yang said the companies will also introduce 20 rapid chargers that work up to 16 times faster than the standard charging station. The Chinese government “is considering providing as much as 100 billion yuan ($16 billion U.S.) to expand charging facilities and spur demand for clean cars,” Bloomberg reports.