...despite Elon being notoriously proven wrong on his promises, forecasts and timelines, Tesla hodlers get excited to what appears to be another spruiking event.
...it was a news the market wanted to hear for a long time, worried that Elon lost his mojo to stay the course with expanding EV sales in US in particular the lower price range model.
...but this goes to show that we are now in an environment when cult figures can dictate people's minds and move stock prices with words.
...who are the sheeps really? Tesla enjoys decade-best rally on Musk’s bold EV forecast
Reuters
Tesla shares closed up nearly 22 per cent on Thursday (Friday AEDT) – their biggest single-day gain in over a decade – as chief executive Elon Musk’s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.
Musk forecast 20 to 30 per cent sales growth next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.
The stock rose to a session high of $US262.20 with volumes of roughly 200 million shares. It was the biggest gain since May 2013 and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi. At close, nearly $US150 billion was added to the company’s market value.
Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with 5.94 times for legacy automaker Ford and 30.79 for technology giant Microsoft. At least seven brokerages raised their price targets on the EV stock, with a median of $US221, according to LSEG data.
