By Friday's close, Tesla stock rose for the eighth day to close at $251.52, erasing the year-long decline
The Zhitong Finance App learned that by the close of Friday, Tesla (TSLA.US) shares had risen for the eighth day in a row, closing at $251.52, erasing the year-long decline. The stock is up about 1% this year so far. Considering that the stock traded below $140 in mid-April this year, this performance is quite impressive.
Tesla's rise was driven by electric vehicle deliveries exceeding expectations in the second quarter, accelerated growth in the company's battery energy storage business, and growing optimism about Tesla's artificial intelligence business.
According to news on Friday, the Tesla Model Y has entered the Jiangsu Provincial Government's NEV procurement catalogue. In addition to Jiangsu, several state-owned enterprises in Shanghai's Lingang New Area have also purchased Tesla models. In recent years, Tesla's share of the pure electric vehicle sales market in China is about 10%.
Wall Street is also driving Tesla stock up. Wedbush analyst Dan Ives recently raised his price target from $275 to $300 per share and gave the stock a “buy” rating. Ives is optimistic about Tesla's opportunities in artificial intelligence. Ives wrote in a Friday report: “The key to the future of Tesla stock is that the market recognizes that Tesla is the most underrated artificial intelligence target in the market. On August 8, Musk and Tesla will celebrate a historic robot taxi day, which will add a foundation for the future of fully autonomous driving (FSD) and autonomous driving.”
FSD is Tesla's highest-level driver assistance product, and the company believes it will one day make cars fully autonomous without human supervision or intervention. At the robot taxi campaign, investors will focus on the appearance of robot taxis, Tesla's pricing, and Tesla's progress in achieving true driverless taxis.