Tesla stock is up 5% on report China will exempt 16 car models from purchase tax

Tesla Inc. shares rose 4.9% in premarket trade Friday, after a report that China will exempt 16 of the electric car maker‘s models from purchase tax. The Ministry of Industry and Information Technology announced the exemption on its website, Reuters reported. No further details were immediately available. Tesla shares have fallen 33% in 2019, while the S&P 500 has gained about 17%.

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