Tesla stock rebounds, EV maker announces Shanghai factory Q4 ramp-up

Core Viewpoint - Tesla's stock rebounded alongside the broader market, driven by positive news regarding production ramp-up at its Shanghai gigafactory and strong sales figures in China [1][2]. Production and Sales Performance - Tesla's Shanghai gigafactory has begun its fourth quarter production ramp-up, which is crucial as Q4 is typically the company's largest quarter for deliveries [1]. - In September, Tesla sold 71,525 vehicles in China, marking a 25% increase from August and the second-highest monthly total this year [3]. - The company's EV market share in China increased slightly to 8.66% from 8.33% [3]. New Product Launch - The Model YL, a new six-seater variant of the Model Y, launched in August and began deliveries in early September, allowing Tesla to compete in the larger EV SUV segment in China [4]. - The wholesale figures for the China-made Model Y, including exports, rose by 17% to 59,000 units in September, reflecting the impact of the new Model YL [4]. Market Sentiment and Stock Performance - Tesla shares surged over 30% last month due to strong Q3 delivery numbers and growing enthusiasm in China, despite concerns about potential sales declines in the U.S. due to the loss of the federal EV tax credit [5]. - The stock is characterized as a "Meme stock," with retail investors significantly influencing its price movements, often overshadowing fundamental performance [6][7].