Why Tesla Stock Bounced Higher on Tuesday
December was initially looking quite gloomy for (NASDAQ: TSLA) stock, but on Tuesday, the world's largest automaker by market cap saw an uptick in price. Shares of the bellwether electric vehicle (EV) company rose by nearly 1.5% on the day. Investors weighed several pieces of news in both the EV space generally and regarding Tesla specifically, ultimately deciding the positive trumped the negative.
It seems the most impactful event occurred with a major Tesla peer. China's Nio reported its third-quarter results, revealing still robust (46% year-over-year) growth in EV sales. Net losses -- both according to GAAP and non-GAAP (adjusted) standards -- were deeper than they were in the year-ago period, but not worryingly so.
The main takeaway is that demand for EVs remains robust in China's huge market, a good sign for next-generation vehicle makers anywhere in the world.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 76 Buy predictions and 28 Sell predictions.
With a target price of 247 € there is a positive potential of 27.5% for Tesla Inc compared to the current price of 193.72 €.
