Tesla unexpectedly rallied on Monday with a rising of about 6.3%! Amazingly uncanny record in a single day and here’s the reason why!
Experiencing a mixed trading session for the stock market, Tesla, on Monday rose 4.03% to $880.80 with the NASDAQ Composite Index COMP, +0.69% rising 0.69% to 13,635.99 and the Dow Jones Industrial Average DJIA, -0.12% falling 0.12% to 30,960.00. Analyzing the previous and most recent records, we can easily find out the fact that it isn’t the first time in this very month that Tesla is experiencing a boom in the stock market. This is because Tesla Inc. closed $3.69 short of its 52-week high ($884.49), which the company achieved on January 8th.
Assessing the statistical records of Tesla on Monday, the stock outperformed some of its competitors as Toyota Motor Corp. ADR TM, -0.83% fell 0.83% to $146.72, General Motors Co. GM, -3.63% fell 3.63% to $53.39, and Honda Motor Co. Ltd. ADR HMC, -1.27% fell 1.27% to $27.24. Trading volume (40.0 M) remained 6.4 million below its 50-day average volume of 46.4 M.
Tesla made a gigantic boom on Monday!
However, the major cause for this unexpected upsurge in the stock market is still a mystery.
Recently Tesla made history by hitting a huge milestone with a half million sale of its automotive. Also, as per the latest reports, TSLA plans to launch three new electric vehicles soon, including the Tesla Cybertruck and two electric cars. It plans to invest up to $12 billion in electric vehicles and battery factories over the next two years, with manufacturing facilities in three continents. The company raised $4.97 billion from a stock offering in September to fund its capital-intensive projects soon.
Moreover, TSLA has entered the Indian subcontinent. With a huge population and market base, the expansion into India is expected to ramp up TSLA’s profits.