The record rally of Tesla, now the most valuable car manufacturer on the stock exchange, continued on Thursday in a persistently friendly market environment.
Following a positive surprise in the second quarter delivery figures, the electric car manufacturer’s shares soared by a good eight percent to USD 1,212.21 on the NASDAQ, making it the best performer in the technology-oriented NASDAQ 100 selection index, giving Tesla a market value of around USD 225 billion. In early trading, the shares had reached a record high of around 1,228 dollars.
Tesla brought 90,650 cars to customers worldwide in the three months to the end of June. This far exceeded analysts’ forecasts. At 80,050 units, the majority of deliveries were Tesla’s lowest-priced Model 3 and the new Model Y compact SUV. With these offerings, the company of tech billionaire Elon Musk is increasingly establishing itself in the mass market.
The strong figures underline Tesla’s series of successes. The US investor magazine “Barron’s” spoke of “an incredible performance in the midst of plant shutdowns and a global pandemic”. Tesla shares have approximately tripled in value in the current year alone, despite the interim setback due to the Corona crisis.
Only the day before, Tesla had knocked its Japanese competitor Toyota off its throne as the world’s most valuable car manufacturer to date. The Japanese have a market capitalization of around 206 billion dollars. By way of comparison, the three German carmakers BMW, Daimler and Volkswagen have a combined market capitalization of 161 billion dollars. The fact that Tesla, despite much lower turnover on the financial market, is higher in price than its established competitors shows that investors are focusing on e-mobility and trust the whiz kid from the tech stronghold Silicon Valley to achieve stronger growth.
The month-long rally of Tesla shares had gained new momentum at the beginning of the week. In an e-mail to employees, company boss Elon Musk, for example, had expressed confidence that there would be no loss in the second quarter of the fiscal year.
Although analysts still expect Tesla to report an average loss per share of around $1.80 for the second quarter on the basis of the internationally recognized accounting standard US-GAAP, the company’s CEO Elon Musk said in an e-mail to employees that he was confident that there would be no loss in the second quarter. But expert Dan Levy of the Swiss bank Credit Suisse had already considered a surprise possible in a study at the beginning of the week. He said it was a “less radical idea” that Tesla might have once again been profitable. In addition to unexpectedly high cost savings, Levy predicted that surprisingly high deliveries could also have a positive effect. The latter has now already proved to be true.
Positive quarterly results and a high market capitalization are prerequisites for Tesla to be included in the most important US stock index, the S&P 500. This would give more attention to the shares and could further drive the rally.
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