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In the pre-market, Tesla (TSLA) stock has added around $4 from yesterday’s closing value. Tesla is said to have sent around 20 of its staff members to SpaceX to handle unspecified technical projects.
Tesla Inc (NASDAQ: TSLA) stock is trading at around $809 during the pre-market as updated on May 29. The shares remain comparatively close to retesting its 52 weeks high that was recorded at around $968.99. At the time of reporting, TSLA shares enjoyed a market capitalization of over $152 billion, with around 185.48 million outstanding shares. Meanwhile, it is reported that Tesla has sent its staff members to help the SpaceX team to work on some unspecified technical projects.
Notably, in the last one month, TSLA shareholders saw their portfolios increase by around 15%, despite the coronavirus hype. Some of the contributing factors are the internal changes in the product design and market price.
Recently, the company announced that it will be reducing its new model car’s market price in North America and also in China. This follows a decline in vehicle demand globally as the coronavirus pushes people to work remotely while observing social distancing rules.
On the other hand, Tesla vehicles will be equipped with much more advanced batteries with capabilities of withstanding a million mile. It was a strategic move to attract more customers amid the market disruption that has seen an almost 20% decline in global car demand since the coronavirus outbreak.
With such significant changes, Tesla is anticipating to deliver better sales in the coming quarters, therefore also delivering to the shareholders. With the leadership of the ambitious Elon Musk, the company can deliver as it has in the previous hurdles.
Tesla and SpaceX Collaboration
Musk remains the man of the week after being the man behind the SpaceX program that is anticipating to launch its crew dragon with NASA astronauts tomorrow. It is reported that the SpaceX program might be borrowing some technicians from Tesla factories to work on undisclosed projects.
According to CNBC, up to 20 staff members from Tesla will temporarily join SpaceX during this busy period for the company. During the Demo-2 mission launch, the two astronauts from NASA, Doug Hurley and Bob Behnken were transported using Tesla’s Model X.
It is a marketing strategy that puts Tesla products on the global watch especially this time when most people are staying at home and probably at their television sets. It is reported that SpaceX will pay Tesla an estimated $0.1 million for the partnership.
Meanwhile, it’s worth noting that Tesla has hit three of its targets, which gives Musk access to the stock options reward as promised.