Tesla Inc. (NASDAQ:TSLA) shares are trading higher Monday possibly due to the company’s announcement that Latvia has authorized its Full Self-Driving system, making it the tenth European Union country to approve it.
- Tesla stock is gaining positive traction. Why is TSLA stock advancing?
Latvia Becomes the Tenth EU Country to Approve Tesla’s FSD
Tesla announced Monday in a post on X that Latvia has authorized its Full Self-Driving system, according to Investing.com. Latvia’s Road Traffic Safety Directorate recognized the provisional EU type approval that the Dutch vehicle authority RDW issued in April, after reviewing RDW’s documentation and Tesla’s information on changes to the system. Tesla sells the system in Europe as Tesla Assisted Driving, a supervised system that still requires driver attention, for a subscription of 99 euros a month. Slovakia became the ninth country on Oct. 16, and the Netherlands remains the only EU country to have approved it through its own process. Tesla said in its third-quarter update that it believes FSD is driving demand in markets where it’s available and that it is working with regulators to get it approved elsewhere.
Europe’s Biggest Markets Remain, and an EU-Wide Vote Is Expected in December
The ten approved countries account for roughly 14% of the EU’s population, according to Bytes Europe. Germany, France, Italy and Spain, which together make up about 58%, haven’t recognized the Dutch approval. Reuters reported that Tesla is seeking support ahead of a vote in December that could pave the way for a broader rollout across the bloc. An EU-wide approval would need a qualified majority of at least 15 of 27 member states representing 65% of the EU’s population.
Tesla Shares Edge Higher
TSLA Price Action: At the time of publication, Tesla shares are trading 4.20% higher at $387.86, according to data from Benzinga Pro.
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