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Tesla CEO Elon Musk indicated on Friday that the company will make a foray into India in 2021. Meanwhile, TSLA stock is down in the pre-market today.
Tesla Inc (NASDAQ: TSLA) stock jumped 4.46% yesterday to close the day trading at $448.16. The gains had, however, been wiped out during Friday’s pre-market whereby they were down approximately 4.55% to trade around $427.75. Meanwhile, there are talks that Tesla may enter the market of India quite soon.
Tesla bulls have been gathering momentum ready to break out beyond the current resistance level. The rise is supported by both technical analysis and fundamental factors that have been unfolding in favor of the electric vehicle company.
With the demand for electric vehicles rising exponentially in the United States, and overseas. The giant electric vehicle company is set to reap huge once adoption goes globally and in full scale.
Although the competition is rising in the EV industry especially from Chinese companies, Tesla is leading in already released models and adoption. In addition, the company had a market capitalization of around $399.76 billion at the time of reporting, hence ready to take any opportunity that emerges in the future.
Notably, the company has been partnering with industry-leading battery makers to develop cheap and quality batteries for upcoming models. As a result, Tesla shareholders are confident the rise will be sustained in the long term despite the increased volatility.
Tesla stock past performance has been on average satisfactory to most of its investors. As of the time of writing, Tesla shares were up approximately 435% year to date through Thursday. They had added around 85% in the past three months, jumped 7.13% in the past 30 days, and were up 10% in the last five days.
Tesla in India
As the coronavirus pandemic subsides both in infection rates and fatalities, Tesla is striving to venture new markets that have been neglected by other electric vehicle companies.
One of the major markets that Tesla is eyeing next is the Indian market that has the capacity to take its sale to the next level.
Tesla CEO Elon Musk indicated on Friday that the company will make a foray into India in 2021.
“Next year for sure,” Musk said in reply to a post with a photograph of a T-shirt with the message: “India wants Tesla”.
India’s Prime Minister, Narendra Modi, has been pushing for the manufacturing industries to focus more on electric vehicles.
With India having a huge population and heavily reliant on fuel ran engines, the Prime Minister is seeking a way to protect the environment both for future generations and the current.
Musk commented last year about coming to India, in response to someone on Twitter who asked “What about India sir?”.
“Would love to be there this year. If not, definitely next!” he said in March 2019.