Tesla shares, on a steady rebound from the company’s wobbly first half, are ending 2019 in record territory trading at more $400.
The shares have moved steadily upward since Tesla surprised analysts and investors with a $143 million third-quarter profit on Oct. 23, driven by sales of Model 3 sedans and pollution credits to other automakers. From that point on, the stock has surged by 59%. Prior to the earnings news, Tesla had been down 23% for the year.
"It's becoming increasingly apparent that you aren't going to have at CES or in the first part of 2020 any fully competitive offerings from the major OEMs," Osha tells Forbes."The Audi e-Tron has flopped, Mercedes is late with the EQC. Even the Porsche Taycan, which is a good-looking car, debuted at a high price and at numbers, performance data, that really don't differentiate it that much from a Model S.
Another potential factor behind the stock's strong year-end rise may be investors with long-term portfolio strategies jumping in to buy Tesla in recent weeks.
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