After a long time of problems and financial losses, Tesla’s shares went up. This happened after Elon Musk reported the company’s first deliveries from the new giga factory in Berlin, alleviating investors’ fears whether the electric car manufacturer will receive the necessary approvals from the German government, writes CNN Business.
“I would say that 30% of the investors we spoke to in the last six months thought that the Berlin plant would never open because of the heavy bureaucracy,” said Dan Ives, a technical analyst at Wedbush Securities.
“Many investors feared that Tesla would never have a plant in Europe and that it would be just an empty factory built for a lot of money,” the expert added.
Tesla has introduced the first model Y, produced in the German giga factory for $ 5 billion
The Grunheide plant will produce about 54,000 cars by the end of the year
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The plant in Berlin hosted a ceremony on March 22 to mark its first deliveries. In time, the car company began to rise financially.
A similar event is planned for next week at another new Tesla plant near Austin, Texas. From him, deliveries also began.
The two factories doubled the company’s car assembly plant, joining the first plant in Fremont, California and the second in Shanghai.
On March 14, shares of Tesla closed at $ 766.37, which was 36% lower than the maximum for the year, which was reached on January 3 – the first trading day of 2022. In less than three weeks, however, the company’s stock rose, recovering most of its losses from the first 10 weeks of the year.
On March 30, the shares reported gains in 10 of the 12 trading days and rose 43% in a short period of several weeks. This prompted Tesla to announce that it would ask its shareholders to approve a second share split. In fact, shares have more than doubled since the company was first split in August 2020.
Tesla also managed to cope with the bad trend in the industry that overall production was significantly slowed down by a shortage of computer chips and other parts. The company’s global sales are forecast to reach nearly 308,000 vehicles in the first quarter. That would mean a 67% jump over the first quarter of 2021.
Now that there are two new factories already in operation, Tesla’s sales are expected to grow even more for the rest of the year. By the end of 2022, the company will probably have close to 2 million cars sold. That’s almost twice as much as last year.
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Elon Musk announced the risks facing Tesla and SpaceX
The billionaire says his business could be hit by inflation as commodity prices rise
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