Tesla's China Visit Boosts Stock, Musk Praises Quality of Made in China Teslas

Tesla's stock rose over 10% as CEO Elon Musk visited China and praised the quality of the made-in-China cars. Lucid Group announced a common stock offering of 173.55 million shares, causing its stock to drop over 16%. Ford announced a partnership with Uber to lease its Mustang Mach-E EVs to Uber drivers in San Diego, Los Angeles, and San Francisco. Rivian Automotive's stock is at risk of losing its spot in the Nasdaq 100 Index. Chinese EV companies Nio, XPeng, and Li Auto reported their delivery numbers for May, with Li Auto standing out with both year-over-year and month-over-month increases.