Tesla Shares Hit Record High of $424.77 After Strong Sales in China
Tesla’s stock reached a historic high of $424.77 on Wednesday morning, surpassing its previous peak of $414.50 set more than three years ago.
This milestone extends a post-U.S. presidential election rally that has seen Tesla shares soar nearly 65% since November 5. The surge comes as investors anticipate benefits for the company due to CEO Elon Musk’s ties with President-elect Donald Trump.
Adding to the momentum, Tesla China announced late Tuesday that the automaker sold 21,900 electric vehicles in the world’s second-largest economy during the first week of December. This marks Tesla’s highest weekly sales for the fourth quarter of this year, further boosting investor confidence.
Tesla Rally Reasons
The relationship between Elon Musk and Donald Trump has been a key driver of market optimism surrounding Tesla. During the electoral campaign, Musk expressed support for the president-elect, fostering expectations that this connection could lead to strategic advantages for Tesla under the new administration.
Musk maintained “significant influence” within Trump’s White House, potentially easing progress on Tesla’s key initiatives, such as autonomous vehicle development and the rollout of “cybercabs”—an innovative project aimed at revolutionizing urban transportation with fleets of electric-powered autonomous taxis.
Tesla’s success stems not only from a favorable political environment but also from its ability to sustain undisputed technological leadership. In recent months, the company expanded its product portfolio, introducing more affordable models designed to cater to the global market, further solidifying its position in the electric vehicle industry.
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