By
Svetlana Soroka
April 18th, 2024
In a bid to bolster its stocks’ future, Tesla is aiming to venture into the market of Europe.
Shares of American electric vehicle company Tesla Inc (NASDAQ: TSLA) were down approximately 1.77% during Monday’s pre-market to trade around $411.83. As the market opened today, TSLA stock is down again. At the time of writing, it is 0.84% down, at $417.08. Tesla stock has been consolidating in the past two months ever since hitting an all-time high. Having previously rallied during the height of the pandemic, Tesla stocks are accumulating fundamentals awaiting a new breakout. Meanwhile, Tesla has plans to work actively on the market of Europe.
Notably, the volatility in the past 52 weeks in Tesla stocks has been enormous, whereby their price ranged between $61.85 and $502.49. At the time of writing, the company was valued at approximately $392.67 billion with around 933.54 million outstanding shares.
According to the metric analysis provided by MarketWatch, Tesla stocks have managed to add approximately 402.77%, and 36.60% in the past ten and three months respectively. However, they were down approximately 0.14% and 2.37% in the past one month and five days respectively. Hereby indicating Tesla stocks have experienced a strong resistance level mostly due to increased competition in the low demand market.
Tesla management has not only outlined its future blueprint but also reorganized its internal system to help it achieve its goal. Among them was the recent share split that is meant to raise more capital from the public. The company has also announced plans to enter different global markets including India, which is a huge and promising market.
In addition, Tesla is constantly improving its battery capacity and quality to lower the overall product cost. As a result, Tesla is aiming to be highly competitive despite figures indicating its products are still not affordable to many.
Tesla and Europe
In a bid to bolster its stocks’ future, Tesla is aiming to venture into the market of Europe. According to media outlet CNBC, approximately 7,000 Model 3 cars made at the Shanghai gigafactory are set for arrival in Belgium at the end of next month.
The cars are set to later be delivered to Germany, France, Italy, the Netherlands, Portugal, Switzerland, and Sweden. Europe is a promising market as its regulators push for less CO2 emission.
According to projections from green policy group Transport & Environment, 1 in 10 new cars sold across Europe this year will be electric or plug-in hybrid. Apparently, this is triple of last year’s market performance, hence giving Tesla hope of increasing demand and market.
Notably, the group further projected that electric vehicle market share will rise by approximately 15% in the next one year. With Tesla gigafactory both in China and the United States operating at high capacity, Tesla stock is looking at a bright future if the current fundamentals prevail.