Tesla Motors Inc. (NASDAQ: TSLA) shares reached a new all-time high Monday, and the stock looks poised to take another run at $200 per share. The share price broke $194 last September before retreating more than 20% by the end of the year.
But the luxury electric vehicle maker seemingly has eased fears over battery fires, and its shares are up more than 24% year to date.
No doubt it also helps that Consumer Reports ranked the Tesla Model S fifth in this year’s brand perception survey, up from 11th place in the previous survey. Tesla displaced Mercedes-Benz, which fell to seventh place. Toyota Motor Corp. (NYSE: TM), Ford Motor Co. (NYSE: F), Honda Motor Co. Ltd. (NYSE: HMC), and the Chevrolet brand of General Motors Co. (NYSE: GM) were the top four.
In other good news for Tesla’s brand perception, Forbes recently reported that a used Tesla Model S could command much more in the used market than a brand new one. That likely is due to the relatively few used Tesla cars that are available. There have even been stories of Teslas being thrown in to sweeten residential property deals.
The other recent news that could be giving the stock a boost has to do with the way Tesla is introducing itself to China. Whereas most carmakers add a sizable premium to their luxury brands in the People’s Republic, Tesla is adding barely enough to cover shipping, import duties and taxes. Shareholders likely would rather the carmaker charge as much as the market will bear, but the country has criticized foreign automakers for excessive pricing. But China is the world’s largest auto market, and Tesla sees the nation representing perhaps a third of its global growth this year.
Tesla shares reached $196.00 in early trading Monday, a new 52-week high. The 52-week low is way down at $33.80. The share price has overrun the mean price target of analysts surveyed by Thomson/First Call, but at least one of them sees shares headed to $230.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
