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Tesla stock gets big bump after Panasonic’s earnings report

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Electric carmaker’s stock is up over 300% since early June. FMTNews Panasonic

TOKYO: Tesla Inc’s stock surged 20% on Monday in its largest one-day gain since 2013, fuelled by a quarterly profit at Panasonic’s battery business with the US carmaker and an investor report predicting its shares would rise more than ten-fold by 2024.

Monday’s rise came after Panasonic Corp reported the first quarterly profit in its US battery business with Tesla, which followed years of production troubles and delays. It based that prediction, which would put the company’s market capitalisation at US$1.3 trillion, in part on Tesla launching a fleet of profitable “robotaxi” autonomous cars.

Short sellers on Monday suffered paper losses of over US$2.5 billion, bringing their losses in 2020 to more than US$8 billion, according to S3 Partners, a financial analytics firm.

 

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