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Tesla stocks hit record high

By Charlotte Ricca

Latest rise brings co-founder Elon Musk closer to goal of $420 per share

Tesla stock has hit a record high, jumping as much as 4.3 per cent on Wednesday to reach $395.20 per share.

The electric-car manufacturer saw stock surge after news broke that it was considering lowering the cost of its Model 3 sedan by 20 per cent in China next year.

Tesla said it will source more parts from China for its entry-level vehicle, enabling it to compete with rivals BMW and Mercedes.

Co-founder Elon Musk said the factory in Shanghai is already in its trial production phase and ready to hit volume production "in a few months".

In a good year for Tesla, stock has rocketed around 54 per cent since the announcement in October that it had achieved profitability for the first time since the fourth quarter of 2018.

This latest rise brings Musk closer to his goal of $420 per share, which he tweeted in August 2018 was his target for taking the company private.

His tweets led to the Securities and Exchange Commission filing a lawsuit against Musk on the ground of making "false and misleading statements".

Musk settled with the SEC, with both he and Tesla paying a $20 million fine without admitting wrongdoing.

FURTHER READING: Porsche Taycan electric sports car tops 30,000 pre-orders

FURTHER READING: Sales of electric cars surge in the UK

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