The world of electric vehicles is at a crossroads with the apparent volatility that the sector has been hit by due to a decline in demand for coveted environment-friendly cars. The company that, in many ways, has been the leader of the growing pack has been Elon Musk's Tesla.
Tesla Shares Gain 12.17%
The company has had to put up with the struggle of battling fierce competition across the board, including China's mighty BYD.
The company has not had the best past few quarters on the balance sheet and Wall Street appears to be en route to making some recovery. In the first quarter of the year, the company's sales and revenue dropped for the first time since 2020.
The company's share's progress has seen consistent growth over the past 11 trading sessions. In the recently concluded trading session on July 11 as well, the EV maker's shares gained close half a per cent. Just in the past 5 trading sessions alone, the company has gained 12.17 per cent or USD 28.57. | Representational image
The company, which is one of the wonder companies in the USA, has been in the news over the past few weeks for the gains it has made on Wall Street.
The company's share's progress has seen consistent growth over the past 11 trading sessions. In the recently concluded trading session on July 11 as well, the EV maker's shares gained close half a per cent. Just in the past 5 trading sessions alone, the company has gained 12.17 per cent or USD 28.57.
This comes after American banking behemoth Goldman Sachs raised the company's price target. Meanwhile, Goldman Sachs has also maintained a neutral rating.
Tesla's Battery Business
Apart from its car-making business, its energy storage entity has made advancements in its progress. According to a report from Yahoo, in its second quarter production and delivery report, the Elon Musk-led company said that it deployed 9.4 GWh (gigawatt hours) of battery energy storage.
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On Wednesday, July 10, the Austin-based company gained 0.35 per cent or USD 0.93, closing at USD 263.26. |
This is said to be its highest quarterly amount ever. In the bargain, the company deployed more than double the storage in the first quarter of the year.
In addition, its competitive pricing in the ever-expanding electric business may also add to its advantage.
On Wednesday, July 10, the Austin-based company gained 0.35 per cent or USD 0.93, closing at USD 263.26.
The American markets are large and ended the day on a good note, with major indices closing in green.
