Shares of Tesla ( TSLA 3.11%) climbed higher on Monday. The electric vehicle (EV) maker's stock gained 3% as of market close, but had jumped as much as 4.6% earlier in the day. The spike comes as the S&P 500 ( ^GSPC 0.02%) was flat and the Nasdaq Composite ( ^IXIC 0.33%) rose 0.3%.

Tesla faces declining sales, contracting margins, and brand damage, with increased competition eroding its market share in Europe and California.