After the EV manufacturer reported record deliveries for the second quarter, bolstered by a series of price cuts it unveiled this year, Tesla stock’s stunning climb just received another lift on Monday.
On Monday, shares increased 7%, reaching little over $279 immediately after markets started.
According to Insider’s calculations, if those increases continue through the closing bell, the EV manufacturer’s overall market valuation will increase by roughly $50 billion to just under $890 billion.
After Tesla announced on Sunday that it had delivered a record 466,000 cars in the three months ended June 30, up 10% quarter over quarter and 83% year over year, the company’s stock price increased.
Elon Musk, the company’s CEO, has drastically reduced costs for its premium Model 3 and Model Y vehicles in China and the US.
, as well as a number of other areas this year with the goal of increasing volumes by 50% annually.
According to Wedbush’s Dan Ives, Sunday’s outstanding delivery figures demonstrate that the plan is already boosting demand and enabling Tesla to take market share away from other EV manufacturers.
Tesla “continues to play chess while other EV players are playing checkers,” he wrote in a research note published on Sunday. “This was another trophy case quarter for Musk and co. despite much scepticism from the Street the last few months.”
Tesla’s increase With a surge in interest on Monday, the stock’s spectacular 2023 performance looks poised to continue.
Tesla’s increase With a surge in interest in AI technology and high-profile deals announced with Ford and GM already boosted shares by 112% year to date, Monday appears likely to extend the stock’s fantastic 2023.