Tesla shares soar 4.9% premarket on report China to exempt 16 models from purchase tax

Tesla Inc. shares

TSLA, +2.84%

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

SPX, +1.27%

has gained about 17%.

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