Chins'a Approval Of Model Y SUV Sends Tesla Stock Soaring

On Monday, Tesla's stock hit a record high.

The increase comes amid a report from Reuters that Tesla gained approval from China to sell its Model Y SUV in the country.

Tesla has built up its manufacturing capabilities in Shanghai to produce the Model Y SUV.

The company already sells its Model 3 in the country.

Business Insider reports the company sold 13,000 vehicles in the country last month.