Impressive Tesla 2 week price run

Shares of Tesla Inc. recently climbed 36.7% in a 12 day bullish streak which is a new record since going public 13 years ago in 2010. 

Tesla’s stock has rocketed 102.9% year-to-date which is an achievement within its self. Daily gains during the streak have ranged from as little as 0.9% on the day the streak started on May 25th 2023, to as much as 4.7% on May 26th 2023. The median daily gain has averaged 1.8%.

The stock’s rise came as part of strength seen in the shares of other EV makers, as well as the broader stock market. Shares of Rivian Automotive Inc. tacked on 0.9%, while Nikola Corp. rallied 8.7%. Among Tesla’s China-based rivals, Nio Inc.’s stock surged 8.7% and Xpeng Inc. shares shot up 11.2%.

Analayst Viewpoint

Vine strategy analyst’s say research indicated that Tesla’s sales in China have been stronger when compared with its China-based peers. April deliveries were up “significantly” from a year ago to around 40,000 units with the average number of new registrations rising to around 12,000 for the week ending June 4th 2023. Tesla generated US$4.89 billion in revenue from China during the first quarter, or 21% of total revenue of US$23.33 billion.

Tesla’s recent first-quarter earnings call was live streamed via Twitter, a first for the electric vehicle maker. CEO Elon Musk sold billions of dollars worth of his Tesla holdings in 2022 to finance a US$44 billion buyout of the social media company Twitter, where he is now also CEO.

About Tesla

Tesla is an automotive and energy storage company that designs, manufactures, and sells electric cars, electric vehicle power, train components, and battery products.

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