Tesla Gains as Musk's Plaid Comments Overshadow Software Glitch

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Tesla Gains as Musk's Plaid Comments Overshadow Software Glitch

By Dhirendra Tripathi

Investing.com – Tesla stock (NASDAQ: TSLA ) traded 2.5% higher in premarket Monday after Chief Executive Officer Elon Musk tweeted the company’s Model S Plaid is expected to hit the Chinese market “around March”.

Musk was responding to a tweet asking when the model was coming to China.

The world's second largest economy is the company’s biggest market outside the U.S. and it also an export hub for the EV-maker.  

Tesla launched the Model S Plaid in June, costing a reported $129,990, and claims it to be the highest performing sedan ever built with acceleration up to 60 mph in 1.99 seconds and a 396-mile range.

Tesla faces tough competition in the Chinese market from local automakers like Nio (NYSE: NIO ), Xpeng (NYSE: XPEV ) and Geely (OTC: GELYY ) as well as global rivals like Volkswagen (OTC: VWAPY ).

The company sold 54,391 China-made vehicles in October, including 40,666 for export, according to Reuters. Total passenger car sales during the month in the country were 1.74 million units.

Musk's comments overshadowed less positive publicity for the company at the weekend, when a software glitch left many Tesla owners unable to unlock their cars through their smartphone app.

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