Business
Tesla shares accelerate toward $300 on spike in deliveries and charging deal with major automakers
Tesla is roaring back from a dismal 2022 as company shares, which have already doubled this year, were driven higher Monday by a spike in second-quarter deliveries.
Shares jumped 7% to a new high for 2023 after the electric car maker said its deliveries in the most recent quarter rose 83% compared with the same period last year.
Tesla cut prices several times on its four electric vehicle models and buyers took advantage of U.S. government tax credits.
Tesla was pummeled in 2022, pushing shares down nearly 70%. Shares were in decline for most of the year and went into a near freefall after Tesla CEO Elon Musk acquired Twitter in a $44 billion deal.
Musk's takeover at Twitter has been anything but smooth and a myriad of issues have continued to turn off users and advertisers. Musk on Friday said the company would limit the number of tweets users could see in a day, angering users and most certainly not winning over advertisers who rely on views when paying for advertising on the platform.
Shares began to climb sharply in early May after Musk announced a new CEO at Twitter, giving Tesla investors hope that he would be able to focus again on making electric vehicles. Shares got another boost this month after Ford and General Motors announced that starting next year, owners of their electric vehicles will be able to charge their EVs at many of Tesla’s charging stations, the largest such network in the country.
On Monday, shares of Tesla Inc. hit $278, a level last reached in September of 2022. That is far from the more than $400 that the stock garnered in 2021, yet the price has jumped more than $126% this year.
-
Business2h ago
Best Places to Get Used Books in the Hudson Valley
-
Business9h ago
Why So Much Hate in the Hudson Valley Lately?
-
Business19h ago
Cutting, Welding, Marking: The Versatile Applications of Industrial Lasers
-
Business1d ago
Architectural Digest Tours a Hidden Gem For Sale in High Falls
-
Business1d ago
Ideas Wanted in Regards to a New Rail Trail in Beacon
-
Business1d ago
Caitlyn Clark and breaking the glass ceiling for women in all sports – John Cardullo
-
Business1d ago
In the news… your quick look at the week ending April 27th
-
Business1d ago
Ken Chenault and Ken Frazier on the Challenge of Polarization Today