Since Wedbush came out with a new report, the stock extends the run to this week since rising by as much as 2 percent in pre-market trading.
While we still have August unended yet, July’s numbers are out and Tesla continues to dominate China’s EV market with over 11,000 deliveries. Sales also stable month-to-month at Gigafactory Shanghai, thanks to local demand.
“We continue to believe EV demand in China is starting to accelerate in July/August with Tesla competing with a number of domestic and international competitors for market share with Giga 3 remaining the linchpin of success which remains the prize that Musk and Tesla are laser-focused on capturing.”
Analyst Dan Ives wrote.
However, the rise in Tesla’s stock this month has significantly accelerated Elon Musk’s financial standings, as the CEO moves swiftly from 7th position on the Bloomberg index to 4th position yesterday making him the fourth richest person in the world.
Ives also did not fall for the argument that Tesla is doomed in Europe in the first half of the year due to the fresh pressure that hit the market and the profits fell badly.
It is partially explained by the closure of Tesla’s Fremont factory during European model batch production-resulting in much lower availability in Europe over and above the pandemic.