Sci-tech

Tesla Stock Smashing Past the $900 Level (TSLA)

Tesla Stock Smashing Past the $900 Level (TSLA)”

Tesla's enterprise value zoomed to $173.7 billion on Tuesday as its shares surged by more than 20 percent. FOX Business' Kristina Partsinevelos also reports on Tesla stock hitting an all-time high.

Its partner Panasonic announced Monday that the battery venture it has with Tesla has turned profitable for the first time.

In January, the company started deliveries to customers from its new Shanghai plant - its first outside the USA - and it's also planning a factory near Berlin.

Elon Musk, the billionaire chief executive officer of Tesla Inc TSLA.O , went on Twitter to ask users if the electric carmaker should build a new gigafactory in Texas.

Following a surprise benefit in the third quarter of past year, deliveries of vehicles higher than expected and a reserved benefit In the fourth quarter, Wall Street is responding big.

Jeffrey Sica, director of Sica Wealth Management, said the profits in Tesla's shares "had wiped out practically every short position in Tesla's shares" and investors should not lose their heads in the face of the rapid rise in Tesla's share price.

"While we continue to favor TSLA as the leading EV juggernaut and believe the April battery day will be a critical positive milestone for investors to understand how formidable the lead is that TSLA holds, we believe patient investors will likely get a more attractive entry point", said Canaccord analyst Jed Dorsheimer.

More news: Cristiano Ronaldo: South Korean fans compensated after Juventus forward fails to play

Tesla shares have been on a tear recently, more than doubling the company's market value since the start of the year as more investors bet on Musk's vision.

Investors betting against Tesla were hammered in the month of January, losing almost $6 billion.

As a remainer, Tesla managed to generate $1 billion in cash after capital expenditures with a profit of $105 million in the fourth quarter, a second straight quarterly profit.

Tesla production ramp up is keeping its battery supplier Panasonic busy as well.

Panasonic also said it was expanding production to keep pace with demand from Tesla, indicating the USA company was finally getting ahead of battery production bottlenecks it flagged last April. It is the first time that Panasonic reports black figures. The recovery comes after an increase of more than 18% on Monday.

For now, with exceeding $170 billion, Tesla is cementing its place in the most valuable automaker in the USA and at the same time spearheading the adoption of EVs around the world.

"When you look back, say two to three years ago, there were doubts about whether the EV era would arrive", said analyst Kang Dong-jin at Hyundai Investment & Securities in Seoul.



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