Tesla stocks are sharply higher this Wednesday after the US electric car maker opened a new solar-powered charging station in Lhasa, Tibet’s capital. This was disclosed in a Weibo post by the company on Wednesday.
The station has facilities for on-site power storage, taking advantage of the plentiful sunlight present in the area, the company statement said.
Tibet is an autonomous region in China. The solar-powered station is a groundbreaking one in a country driven primarily by coal-powered power plants. Tesla’s first foray into the solar business commenced in 2016 with its acquisition of SolarCity, a California based company.
Investors appear pleased with the development and have placed Tesla stocks on bid, driving the share price higher by 3.12% as of writing.
Technical Outlook: Tesla Stocks
Wednesday’s surge in Tesla’s share price has allowed for a breakout from the symmetrical triangle. With this development, Tesla’s next price target is set up at 654.12, with additional upside targets at 693.75 and 725.00 (27 April high).
On the flip side, a rejection and subsequent decline below 625.00 allows for a dip towards the 600.84 psychological support. Below this area, 564.57 and 541.18 are additional targets to the south.