• Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
Wednesday, February 8, 2023
  • Login
No Result
View All Result
WallStreetPro
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
No Result
View All Result
WallStreetPro
No Result
View All Result
Home Business

Tesla’s stock price is all time high

July 8, 2020
in Business, Economy, Markets
Reading Time: 2 mins read
0
Tesla’s stock price is all time high
20
SHARES
331
VIEWS
Share on FacebookShare on Twitter

Tesla surged as much as 10% to new record highs on Thursday night. During the day, the company revealed second-quarter delivery numbers that blew recent analyst estimates.

For the quarter, Tesla delivered 90,650 vehicles, well ahead of analyst estimate for 83,000 deliveries in the quarter. The company delivered 10,600 Model S and Model X vehicles and delivered 80,050 Model 3 and Model Y vehicles.

While Tesla beat delivery estimates, the company took a hit on the production side because of the COVID-19 pandemic. The total number of vehicles produced was down 20% in the quarter to 82,272 vehicles.

Tesla said, “While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels.” Tesla added that their car delivery numbers “should be viewed as slightly conservative” and could vary by up to 0.5% or more due to the company only counting a car as delivered” and may vary by up to 0.5% or even more because of the company only counting an automobile as shipped “if it is transferred to the customer and all paperwork is correct.”

Tesla’s Thursday night surge to new all-time highs only solidifies its position past Toyota as the world’s most valuable auto manufacturer, which happened for the very first time yesterday.

China’s demand for Tesla vehicles is also rebounding, according to Wedbush analyst Dan Ives. “The clear standout this quarter is the massive underlying demand coming out of China as we have seen demand surge in China for Model 3’s in this key region with Giga 3 firing on all cylinders despite the softness seen earlier in April,” said Ives.
Ives added that if Tesla delivered close to 90k vehicles, that they surpassed, then it might “put the bottom-line in the area code of breakeven, a jaw-dropping feat in a dark macro and COVID backdrop for Musk & Co.”

If Tesla manages to breakeven in the next quarter, it could make the company eligible to be included in the S&P 500, which, if happened, would increase the demand for Tesla stocks as passive ETFs and shared funds linked with the index would be required to buy Tesla’s stocks.

Ives expects Tesla to deliver up to 450,000 vehicles for the entire year and said its bull case now demands Tesla to increase the stock price to $2,000, representing a potential upside of 64% from current levels. Year-to-date, Tesla is up more than 190%. The business’s meteoric rise has led traders to find another Tesla, leading them into smaller electric-vehicle manufacturers like Nikola Workhorse and Motors, the owner of a 10% stake in Lordstown Motors.

Tags: ChinaEntrepreneurshipMarket StoriesMoneySillicon ValleyStocksTechUnited States
Previous Post

Humanities vs. STEM: Which one brings more value?

Next Post

Fed President: Failure to curtail COVID-19 could lead to a financial crisis

Next Post
Fed President: Failure to curtail COVID-19 could lead to a financial crisis

Fed President: Failure to curtail COVID-19 could lead to a financial crisis

Discussion about this post

Recommended

Managers at this large investment firm need permission to hire white men

Managers at this large investment firm need permission to hire white men

1 year ago

Coronavirus: Where to invest $5,000 today?

3 years ago

Popular News

  • Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    18012 shares
    Share 7202 Tweet 4502
  • Elon Musk is set to collect $23bn bonus as Tesla fires 10% of its staff. Is it fair?

    92 shares
    Share 37 Tweet 23
  • Cathie Wood expects Ethereum to increase 7,200% and hit a $20 trillion market cap by 2030

    24 shares
    Share 10 Tweet 6
  • You won the Lottery: What should you do next?

    33 shares
    Share 13 Tweet 8
  • BitMouseDAO: A group wants to inject a Bitcoin into a mouse’s DNA

    6 shares
    Share 2 Tweet 2
  • About
  • Privacy Policy
  • Disclaimer
  • Contact

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

No Result
View All Result
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In