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Tesla (TSLA) stock jumped 5.5% in the pre-market. The company is diversifying its product range taking reservations for Cybertruck in the Chinese market.
After closing the markets yesterday with a significantly huge breakout, Tesla Inc (NASDAQ: TSLA) shares are now aiming at setting a new ATH, which might be attained soon enough. Led by the ambitious engineer Elon Musk, the company is proving to be the giant ready to tackle any hurdle in the future. Meanwhile, Tesla offers its customers in Chine to make reservations for its Cybertruck.
As a result, investors are getting more confidence in putting their money into the company despite the coronavirus disruption that has crippled most automotive industries. The demand for its electric vehicles has spiked dictating a bright future for the shareholders. As a teaser to investors who were not willing to trust the company years ago when it was struggling in the market, the company shut them up by introducing ‘short shorts’ selling at $69.420, figures better known only by Elon Musk in regards to the company.
Just revisiting the shares performance in different timeframes, TSLA stock so far has added 418.52% in the past year, 188.93% YTD, 151.80% in the last three months, 36.47% in the past month and 25.94% in the last five days. The incredible performance can be attributed to several fundamental factors that have played out in favor of the company despite the disruption of the supply chain by the ongoing coronavirus pandemic.
With a market capitalization totaling $224.18 billion as of the time of reporting, it gives the company a very healthy balance sheet with capabilities of flexing through the pandemic without strains.
Tesla Begins Accepting Cybertruck Orders in China
Through its Chinese official website, Tesla announced that customers can now order its ‘more practical than trucks and more powerful than sports cars’, Cybertruck. The booking deposit is 1,000 Yuan, whereby the price tag for a fully autonomous driving unit goes for around 64,000 Yuan.
It is great news for the Tesla shareholders who have fewer chances of shorting in the future. According to the company, Cybertruck’s body shell has extremely high durability and passenger protection capabilities. “Each component of the model has ultra-high strength and durability, from the super-hard 30 times cold-rolled stainless steel structure body surface to Tesla armoured glass,” the company wrote in a statement.
With the Chinese market being huge and also a gateway to the greater Asian market, Tesla is anticipating capturing and leading the way for the rest of the EV makers. Several Wall Street analysts and also hedge fund managers are betting big on the Tesla shares to either double or triple the current price in less than five years, whether it happens or not, only time will tell.