[AUTO] Tesla sets a record on the Stock Market after recovering sales rhythm in China

[YaKuZa--BoSs]

The electric vehicle company sold 205% more cars in May than in April after the revival of the Asian giant

 

Various Tesla models ready for sale

 

 

Wall Street cares little if Elon Musk says Tesla stocks are too expensive, as he noted a month ago in a gesture that left investors speechless. On Monday they set a record for the closing in the midst of a bullish current due to the gradual reopening of the economy in the United States. Its $ 949.92 - 7.62% higher - is a product of the prevailing climate and its promising numbers in China in May. The return to normality after the covid-19 crisis seems closer for the leading brand of electric vehicles worldwide.

According to the China Passenger Vehicle Association, Tesla last month sold 11,095 of its Model 3s, the brand's most po[CENSORED]r vehicle, compared to less than 4,000 it shipped in April, even with the coronavirus wreaking havoc on the Asian giant economy. All those vehicles left their factory in Shanghai, released in late 2019.

In total, the improvement has been 205% between April and May, with the goal of producing around 200,000 Model 3s a year and starting deliveries of the brand's Model Y, a compact SUV, in early 2021. According to the report by Wedbush Securities, a Los Angeles-based financial firm, Tesla's market penetration in China equals $ 300 a share, "with significant progress over the next 12 to 18 months in a standardized environment." They believe that in a bullish climate the action can go up to $ 1,350.

That would help propel Musk onto the list of the world's richest men. Right now it is ranked number 31, according to Forbes, with more than $ 24 billion under its belt. Tesla confirmed in late May that Musk earned the right to receive a compensation package - valued at more than $ 770 million - for meeting certain goals, including maintaining the company's value above $ 100 billion. by market capitalization. At the close of today, the total exceeds 176,000 million.

China is one of Musk's great ambitions. It is its main market outside the United States and number one worldwide in the field of electric vehicles. "Our goal is to make all vehicles electric," Musk said on one of his visits to Shanghai. "And still, even in China, a very small percentage of all cars are electric, which represents a very significant opportunity for all companies."

Despite the direct competition it means for Chinese companies like BAIC Motor and BYD, the authorities of the Asian power have welcomed Tesla with open arms. Shanghai has done everything possible to accelerate the plant's opening after the pandemic, including donations and equipment to protect workers from the virus.