Tesla stock (TSLA) rocketed this morning with an increase of 10% despite the market struggling under the effects of the Coronavirus pandemic. The market of the US saw a number of corrections as several countries are being affected by Covid19.
Since February, the S&P crashed more than 30%, but in the last two weeks, some of the losses have been corrected. Tesla, like a lot of companies, witnessed a big dive in stock value, accentuated by the vast growth that happened weeks before.
Since the drop, Tesla stock has recovered in value at quite a pace and is up by 30% from the lowest moment of last month. The morning of the 13th, stock blew up by 10%, while the rest of the market fell by 1%. There isn’t a clear reason for this jump, but a number of things could have caused this. For one, the pandemic has caused an increase in EV purchases and Chinese Tesla sales have never been higher.
After the pandemic, we can only imagine the high sales that Tesla will hopefully fathom, and this must be what analysts are expecting.