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Tesla s market value set to gain $50 billion
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This Analyst Says Tesla s Stock Is Worth $150 — Which Would Be a 78% Discount
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Market movers: Stocks that saw action on Monday - and why Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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A roundup of some of the North American equities making moves in both directions today
On the rise
Tesla Inc. (TSLA-Q) added about US$50-billion to its market value as the electric car-maker’s shares surged on Monday, after it posted record deliveries on strong demand in China that helped it offset the impact of a global shortage in auto parts.
Tesla Inc.âs stellar first-quarter delivery numbers that blew past analystsâ estimates helped it defy a selloff in the broader electric vehicle industry, amid a growing skepticism about the future of President Joe Bidenâs infrastructure bill.
Shares of the Elon Musk-led company jumped as much as 7 per cet in New York, erasing most of its year-to-date loss. Over the past year, the stock has advanced more than 600 per cet.
EV companies overall have received some good news in the past week, including a big push into electric vehicles in the infrastructure spending bill unveiled last week, and the estimate-crushing delivery figures from Tesla. But that may not be enough to stop a slide in the stocks that has seen investor interest wane this year. Auto stocks, EV and otherwise, have also been plagued by a global shortage of semiconductors.
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Highlights
Tesla said it delivered 184,800 vehicles globally during the first quarter of 2021, above estimates of 177,822 vehicles, according to Refinitiv data.
Tesla`s $668 billion market capitalization makes the company by far the most valuable carmaker, even though its production is a fraction of rivals such as Toyota Motor Corp, Volkswagen AG and General Motors Co.
Tesla Inc`s stock surged 5% on Monday after the electric car maker posted record quarterly deliveries on strong demand in China that helped offset the impact of a global shortage in auto parts.
The company headed by Elon Musk said on Friday it was encouraged by the strong reception of its Model Y crossover in China and that it was quickly progressing to full production capacity.
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