Tesla stock rallies after report its California workers readying to return

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Tesla Inc. TSLA, +10.15% shares jumped nearly 9% on Monday on the heels of a report saying the Silicon Valley car maker has told some workers at its main factory in California to prepare to return to work by next week, before a regional stay-at-home order is lifted. According to a Bloomberg report over the weekend, which cited messages seen by the publication, supervisors told some workers in the paint and stamping lines report to the facility in Fremont on Wednesday and asked the workers to signal their availability. A shelter-in-place order for the San Francisco Bay Area is scheduled to be lifted on May 4. Tesla and local officials last month tussled over whether the factory, Tesla’s only U.S. car-making plant, was an essential business, with Tesla resisting calls to shut it down, which it finally did in late March. Shares of Tesla have gained 236% in the past 12 months, contrasting with losses around 3% for the S&P 500 index. SPX, +1.47%

Originally Published on MarketWatch

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