Tesla's stock extended its recent rally on Wednesday following a surge in China car registrations and after Goldman Sachs initiated coverage of ...
Tesla's stock extended its recent rally on Wednesday following a surge in China car registrations and after Goldman Sachs initiated coverage of the electric car maker with a"buy" recommendation.
Shares of the Silicon Valley automaker rose nearly 2per cent, bringing their gain this week to 26per cent as traders look beyond the short-term impact of the coronavirus pandemic, which has forced Tesla to close its California factory, furlough workers and cut salaries.Tesla's China car registrations jumped 450per cent in March, month on month, data from auto consultancy LMC Automotive showed. Overall auto sales in China plunged 43.
"We believe that the combination of Tesla's product leadership , brand/early-mover advantage, vertical integration, and the long development cycles in autos will help Tesla to maintain a strong market position," Delaney wrote.
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