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- Shares of Tesla climbed Friday on news of an expanded EV tax credit and a spike in China sales.
- The Treasury Department broadened its definition of SUV, allowing more models from Tesla and other carmakers to qualify for EV tax credits.
- Meanwhile, Tesla's sales in China jumped last month amid recent price cuts.
Tesla stock climbed on Friday on news of a wider US tax credit for electric vehicles and a sales spike in China.
Shares jumped as much as 5.7% to an intraday high of $199, continuing a rally that has seen Tesla surge 60% so far this year.
Under the Inflation Reduction Act, SUVs can cost up to $80,000 to qualify for EV tax credits. But cars, sedans and wagons must cost less than $55,000.