Tesla continues its record run on the stock exchange and is now worth more than the German flagship companies Volkswagen and BMW combined. The shares of the US electric car maker increased on Monday by 20 percent, the largest daily profit since 2013. The US company’s market value climbed to more than $ 140 billion. Volkswagen and BMW together generate $ 137 billion. “Investors are now beginning to believe that Tesla can mass-produce electric vehicles and that automakers, battery manufacturers and suppliers can make money from electric cars,” said Cho Hyun-ryul analyst from Samsung Securities.
The background to the price increase is that Tesla’s joint venture with battery supplier Panasonic was in the black for the first time. The Japanese company had previously announced that it plans to expand production to keep up with demand for Tesla battery cells. The shares of other battery suppliers also gained in value. According to experts, another reason for the price explosion was that short sellers were caught on the wrong foot by the price increase in Tesla shares.
For the automotive industry, the situation is turned upside down. While Tesla sold 367,500 cars last year, Volkswagen recently had almost eleven million vehicles. Volkswagen CEO Herbert Diess has set the goal of increasing the market value of the world’s largest car group in terms of sales to EUR 200 billion. However, the question is whether the change to a technology-software-driven company will succeed quickly enough. “If we continue at our current pace, it will be very tight,” Diess recently warned our own management. (SDA / red)
Created: 04.02.2020, 11:09 AM
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