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Why Tesla Stock Jumped Higher Monday

By Daniel Sparks - Updated Apr 27, 2020 at 4:22PM

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Is the electric-car maker getting ready to reopen its California factory?

What happened

Shares of electric-car maker Tesla (TSLA 4.67%) surged higher on Monday. The stock rose as much as 10.3%, but shares are up 9% as of 10:50 a.m. EDT.

The growth stock's gain follows a report from Bloomberg over the weekend that said the company called some employees back to work at its factory in Fremont, California.

A Tesla vehicle production line in California.

Image source: The Motley Fool.

So what

"Supervisors told some staff in the paint and stamping operations of the factory in Fremont, California, to report to the facility on April 29," wrote Bloomberg's Josh Eidelson, citing "messages seen by Bloomberg News." It's still unclear, however, exactly when Tesla plans to resume normal production.

The automaker's vehicle production factory in California had shut down late last March as part of California's efforts to help slow the spread of the coronavirus.

Now what

Tesla investors will likely get a better update on the electric-car maker's plans when it reports first-quarter earnings this week. The company is scheduled to report its latest quarterly results after market close on April 29. 

Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.

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