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Tesla shares hit record $270 high after China Unicom deal

Tesla Headquarters - Tesla shares hit record high after China Unicom deal

By Tomi Kilgore

Shares of Tesla Motors shot up to an all-time high early Friday, as investors cheered news that the electric car maker reached an agreement with China Unicom CHU, to have charging stations at the carrier’s stores in more than 100 cities in China.

The deal with China Unicom includes building supercharger stations.

The stock reached a record intraday high of $270.60 a few minutes after the open.

It has gained 79% year to date, compared with an 8.1% gain the S&P 500.

The U.S.-listed shares of China Unicom, the second largest mobile carrier in China, rose 3.5% to a 2 1/2-year high. Separately, China is weighing a new tax on gasoline, to help fund efforts to make electric cars more palatable, according to a report in The Wall Street Journal.