Tesla shares surged as much as 21% to new record highs after Panasonic said its battery joint venture turned profitable and analysts praised the electric-car maker.
Tesla Inc.’s stock rallied for a fifth day Monday, leaping more than $100 per share, as a torrent of good news further boosted investor sentiment.
The shares rose as much as 21% to $786.14, their highest price ever, notching their biggest intraday gain since May 2013. Earlier in the day, Panasonic Corp., which makes batteries for Tesla at its jointly operated battery plant in Nevada, said the unit turned profitable in the quarter that ended Dec. 31. The rapid increase in Tesla’s output helped push that battery business into the black, Panasonic Chief Financial Hirokazu Umeda told reporters in Tokyo on Monday, declining to give specific figures.
Another boost came from Argus analyst Bill Selesky, who raised his price target on Tesla to a Wall Street-high of $808 per share from $556. Selesky’s move reflected revenue growth from the legacy Model S and Model X cars, as well as strong demand for the new Model 3, which accounted for more than 80% of the electric-car maker’s fourth-quarter production.
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