Tesla Inc. joined an elite group of companies with market values of at least $1 trillion on Monday, a key milestone for the carmaker, whose shares have been on a tear amid a global shift to electric vehicles.
“Tesla shares have a tendency to be quite volatile and driven by a wide range of market forces that are difficult to comprehend,” Morgan Stanley analyst Adam Jonas wrote in a note. Jonas said he believes Tesla shares are worth $1,200, but he doesn’t have any expectation that the shares will rise to such a level in the near term.While regulators investigate a spate of Teslas steering themselves into parked vehicles, Tesla owners have been reporting faulty collision-avoidance systems.
The company’s shares have been on a streak over the last five months, climbing more than 80% since mid-May. However, the rally got a big boost this month amid a flurry of encouraging headlines: strong third-quarter earnings and deliveries, a big order from car-rental giant Hertz Global Holdings Inc., and a report that the company’s Model 3 was the top-selling vehicle in Europe last month.
“The outlook for EV adoption is getting much brighter, due to a combination of more policy support, further improvements in battery density and cost, more charging infrastructure being built, and rising commitments from automakers,” Bloomberg New Energy Finance noted in a September report. BNEF estimated that passenger electric-vehicle sales will increase sharply in the next few years, reaching 14 million in 2025 compared with 3.1 million in 2020.
Shame I didn't get in there early!
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