Benzinga | Nov 1, 2021 01:05PM EDT

Why Tesla Shares Are Rising

Tesla, Inc. (NASDAQ:TSLA) shares are trading higher on continued momentum following last week's strength after the company recently announced a deal with Hertz and reached a $1 trillion market cap. Biden's climate agenda has also helped lift EV stocks recently.

Several Chinese electric vehicle companies such as XPeng Inc. (NYSE:XPEV), NIO Inc. (NYSE:NIO), and Li Auto Inc. (NASDAQ:LI) report October deliveries, which has potentially also lifted the sector.

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.

Tesla's stock was trading about 6.4% higher at $1,185.09 per share on Monday at the time of publication. The stock has a 52-week high of $1,185.43 and a 52-week low of $392.30.