21 May, 2024

As a result of a positive forward-looking set of comments from one of Tesla’s biggest sceptics on Wall Street their share price rose by almost seven per cent and hit an all-time high at $381.50.

And to put this in context Tesla shares are up fourteen per cent since the start of the year. So that means their share price increase over a few days was almost half of the rise over a whole year!

And because Tesla are the third highest targeted shares in America this is highly significant.

So who was this person who had this significant impact? Their name is Dan Levy and he is a Wall Street analyst at Credit Suisse.

And what did he say to have this effect? As a critic he admitted that Tesla was leading the way in both of the areas of software and electrification that are most likely he says to define the future of the whole sector of car making.

This may be in part due to images of the new cars that have been coming out of Tesla through social and other media channels. And the rising expectations for the company’s new Shanghai factory.

And this is no mean feat bearing in mind the contrary and sometimes negative news about the likelihood of Tesla’s future sustainable profitability and about the problems with production both in terms of quality and volumes.

However, shares fell back slightly on news that government had not extended a tax credit to electric car buyers.

Business Talk

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