Tesla’s stock (NASDAQ: TSLA) has hit a 52-week high for the first time since October 2020. It was the company’s first significant rise in over a year, triggered by two major events.
Tesla has struck a large agreement with rental firm Hertz, which has ordered 100,000 Model 3 electric sedans from Tesla. Following the news, Tesla stock skyrocketed by 22%, making it the most recent company to join the trillion-dollar club along with the likes of Amazon and Apple.
Following good news of a new lithium collaboration with Ganfeng Lithium, the world’s largest supplier of the metal by valuation, Tesla stock gained further momentum this morning. Tesla will utilize this agreement to expand its battery manufacturing efforts and secure future production increases in China, especially as sales rise. Furthermore, Tesla has opened a public trial in the Netherlands today that allows non-Tesla electric cars to use its Superchargers. This was reported some time ago, as several European countries, such as Sweden, Norway, and Germany, had submitted Tesla’s request to establish publicly accessible Superchargers for all vehicles. This is expected to happen within the next year or two.
Tesla also introduced new financing possibilities in China, which may help to boost sales. Tesla’s automobiles are becoming more affordable for more people with new zero percent down financing alternatives among the choices.
The most recent occurrence of a 50 percent price rise in Tesla stock was from October 30 to November 30, 2020. Tesla gained admission to the S&P 500 and approval to sell the Model Y in China during this time period. The Model Y has gone on to become Tesla’s most popular automobile.