Erasing the full-year decline! Good news keeps coming, Tesla rises for the eighth consecutive day
Tesla rose for the eighth consecutive day, closing at $251.52, wiping out the year's decline. Tesla benefited from better-than-expected electric vehicle deliveries in the second quarter, accelerated growth in battery energy storage business, and optimistic sentiment towards its artificial intelligence business. Tesla's Model Y has been included in Jiangsu's new energy vehicle procurement catalog, prompting Wall Street analysts to raise their target price to $300 and give it a "buy" rating. Tesla will host Robotaxi Day on August 8th, where investors will focus on its design, pricing, and progress in autonomous driving
According to Zhitong Finance APP, as of the close on Friday, Tesla (TSLA.US) stock has risen for the eighth consecutive day, closing at $251.52, wiping out the year's decline. The stock has risen by about 1% so far this year. Considering that in mid-April this year, the stock price was below $140, this performance is quite impressive.
Tesla's rise is attributed to the second-quarter electric vehicle delivery volume exceeding expectations, accelerated growth in the company's battery energy storage business, and increasing optimism about Tesla's artificial intelligence business.
On the news front on Friday, Tesla's Model Y entered the new energy vehicle procurement catalog of the Jiangsu Provincial Government. In addition to Jiangsu, several state-owned enterprises in the Lingang New Area of Shanghai have also purchased Tesla's models. In recent years, Tesla's market share in China's pure electric vehicle sales market is about 10%.
Wall Street is also driving the rise in Tesla's stock. Wedbush analyst Dan Ives recently raised his target price from $275 per share to $300 per share and gave the stock a "buy" rating. Ives is optimistic about Tesla's opportunities in artificial intelligence. In a report on Friday, Ives wrote, "The key to Tesla's future stock lies in the market's recognition that Tesla is the most underestimated artificial intelligence target in the market. On August 8th, Musk and Tesla will usher in a historic day for robotaxis, which will contribute to the future of fully autonomous driving (FSD) and self-driving."
FSD is Tesla's highest level of driving assistance product, and the company believes that one day it will enable cars to achieve fully autonomous driving without human supervision or intervention. In the robotaxi event, investors will focus on the appearance of the robotaxi, Tesla's pricing, and Tesla's progress towards achieving truly driverless robotaxis