In what could be witnessed as an Apollonian extension of Tesla Inc.’s record-thrashing rally last year that had witnessed a blowout upsurge of roughly 740 per cent of its market valuation, shares’ prices of the Palo Alto, California-headquartered e-vehicle industry giant rose to a record peak in the first trading session of 2021, widening its gap with Japan’s Toyota Motor Corp as the world’s most valuable carmaker.
In point of fact, latest upswing in Tesla Inc. shares’ prices on Monday comes over the heels of a weekend data that had revealed the e-vehicle industry behemoth had beaten Wall Street estimates for annual deliveries on an average by a substantial margin, however, had narrowly fallen short of Tesla boss Elon Musk’s audacious target of 500,000 deliveries set earlier last year by the South Africa-borne American billionaire entrepreneur, the second-richest man in the world to-date having had net assets worth of over $178 billion.
On top of that, apart from an inclusion into S&P 500, the showcase of big-league corporate giants that accounts for more than 45 per cent of entire trading activities in the Wall Street, Tesla Inc.’s meteoric rise in shares’ prices had been largely backed by its five straight quarters of gains which in effect had enabled the e-vehicle manufacturer to vehemently stand out in a global passenger car industry which has been reeling even before an onset of the ongoing public health concerns.
Tesla rally heats up after encouraging 2020 deliveries
In tandem, followed by an upbeat annual delivery report of Tesla units released on Saturday, shares’ prices of Tesla Inc. set forth the first trading session of 2021 with a gain of 3.42 per cent to $729.77 apiece after rising as much as 4.68 per cent in pre-market trading.
Meanwhile, forecasting a further upward momentum ahead for the American multinational e-vehicle manufacturer, JPMorgan analysts wrote in a client note earlier in the day, “We are raising our forecasts to reflect higher 4Q deliveries and reports of strong demand for the Model Y in China, which is also suggestive of higher future deliveries”.
Nonetheless, several analysts remained cynical on Tesla Inc.’s ability to handle a likely upsurge in orders this year as a gauge of global economies seemed to have shrugged off the pandemic’s fiscal fallouts.