Tesla’s stock price has reached a high of $940.13 on Nasdaq, with the same market cap as Bitcoin. Now it is the most valuable auto company on earth.
Tesla has made record gains in the last few months, eclipsing its former all-time high price. It currently sits at $926 just shy of the high of $940 that it reached earlier today.
The good news seems to be a mixture of the popularity of Tesla’s recently announced Cyber truck, which had 250,000 pre-orders, and Panasonic’s announcement that it’s a partnership with Tesla to produce the batteries for Tesla automobiles and Tesla’s Power wall home battery backup-power system has finally turned a profit.
Tesla now has a valuation of $165 billion. This also makes Tesla the automobile manufacturer with the highest market cap as well. Tesla now has a bigger market cap than McDonald’s corporation which sits at $162.8 billion and Nike, which sits at $152.8 billion, respectively.
Tesla’s massive rise in price has caught many by surprise. Some have become bearish on Tesla, since it had such a prominent rise in price, in such a short period, even outperforming BTC so far this year.
Tesla’s Cyber truck was a huge contributor to the epic rise in Tesla stock prices. The Cyber truck went viral on social media due to its futuristic design and body style, which helped the company pre-sell over a quarter-million Cyber trucks.
The Cyber truck will sell for $40,000, so the pre-sales alone brought in $10 billion, and if Tesla’s previous struggles to meet demand are any indicator, it’s just the beginning. Tesla’s other automobiles have been increasing also.
In January of 2019, Tesla was selling 8,000 cars a month and by December they had increased sales to 32,000 cars a month. In total Tesla sold 192, 250 automobiles in 2019. This is not accounting for their forays into renewable energy like its Power wall battery for home energy backup.
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