Tesla shares post longest winning streak since January 2021
New tax credit will make Model 3 cheaper than Toyota Camry, sales in China boom
Ark Invest CEO and CIO Cathie Wood discusses how artificial intelligence could change the investing landscape on 'Barron's Roundtable.'
Tesla shares wrapped the longest winning streak since January 2021 on Friday as the stock jumped over 4% for the day contributing to a 14% rally for the week.
A strategic deal with GM, sales growth in China and eligibility for the new $7,500 tax credit for customers buying the Model 3 helped sentiment, as did a favorable mention by analyst Dan Ives of Wedbush Securities who raised his price target on the stock to $300 from $215.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 194.05 | +25.76 | +15.31% |
| GM | GENERAL MOTORS CO. | 46.04 | +0.20 | +0.44% |
On Thursday, GM reached an agreement with Tesla to adopt the electric vehicle giant's charging standards and gain access to its Supercharger network nationwide as part of the carmaker's effort to expand charging access to customers.
Tesla vehicle is charged at a Tesla supercharging station in Kettleman City, Calif., Jan. 25, 2023. (Reuters/Mike Blake / Reuters Photos)
Following a behemoth 65% drop in value last year, Tesla shares are up big in 2023, rising roughly 98%.
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The move is creating another windfall for Elon Musk who is the world's richest person with a net worth of $226 billion as tracked by Forbes.
(REUTERS/Aly Song/File Photo / Reuters Photos)
Data compiled by the China Passenger Car Association (CPCA) on Monday showed that Tesla delivered 77,695 China-made electric vehicles in May to notch a 2.4% jump from April, while the Biden administration’s Tuesday confirmation of the tax credit will make the Model 3 even cheaper than the Toyota Camry.
A Tesla sedan is seen in Yantai, Shandong province, China, April 21, 2023. On April 24, 2023, Tesla filed a document with the United States Securities and Exchange Commission (SEC), showing that in the first quarter of 2023, the total quarterly reven …
Throughout the first quarter in China, Tesla generated $4.89 billion, while in 2022, the company’s sales in China reached just $18.15 billion for the year.
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In an interview with FOX Business, Ed Egilinsky, Managing Director at Direxion, said that some of Tesla’s recent rally can also be attributed to investor focus on participating in the mega-cap stock-led rally and the AI buzz.
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Also, "CEO Elon Musk visited China last week and many perceive this will result in positive developments for the relationship," he added. "While some traders might trade off the headlines to capture the short-term upward price momentum, others might look at this as an opportunity to take a bearish view, believing the stock rally has been overextended in the short term and might see a reversal in trend."
In this photo taken Tuesday, May 30, 2023, and released by Ministry of Foreign Affairs of the People's Republic of China, China's Foreign Minister Qin Gang, right, poses for photos with Tesla Ltd. CEO Elon Musk in Beijing. China’s foreign minister me … ((Ministry of Foreign Affairs of the People's Republic of China via AP) / AP Newsroom)
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*This story, originally published on June 8, has been updated with Friday's closing prices.