NatalieLopez

 8 Nov 24

tl;dr

Tesla (NASDAQ:TSLA) surpassed the $1 trillion market cap level, rising 6.7% on Friday. It currently holds a higher valuation than the next ten major auto stocks combined, including Toyota (TM), Ferrari (RACE), General Motors (GM), and others. Gene Munster of Deepwater Asset Management anticipates ac...

Tesla (NASDAQ:TSLA) crossed over the $1T market cap level once again with a swing higher on Friday of 6.7%. For comparison, Tesla (TSLA) trades with a higher valuation of the next ten biggest auto stocks combined, a list that includes Toyota (TM), Ferrari (RACE), General Motors (GM), Ford Motor (F), Honda (HMC), Stellantis (STLA), Li Auto (LI), XPeng (XPEV), Rivian Automotive (RIVN), and NIO (NIO).

Deepwater Asset Management's Gene Munster said the accelerating delivery growth next year and the long-term opportunity around autonomy will power the fundamentals that should lead to even further price appreciation for the EV stock. Earlier in the week, Bank of America said it sees the results of the U.S. election as a positive for Tesla (TSLA). For starters, President-elect Trump's plan to relax environmental rules is seen as providing an incentive to other automakers to slow down their EV ramps even further. That downward shift in EV production is seen helping Tesla (TSLA) maintain its hold on the domestic EV market, especially as it is planning to release new models with more affordable entry prices. In addition, BofA sees the potential for less aggressive scrutiny under a Trump administration on the automated driving front. Analyst John Murphy highlighted that Elon Musk has proposed a national standard for regulating self-driving vehicles, which the Trump administration has expressed an openness to. Shares of Tesla (TSLA) reached a high point Friday morning of $319.38 as investors continue to bet that the Austin-based company's pivot to being an autonomous and AI leader will pay off.

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 21 Nov 24
 21 Nov 24
 21 Nov 24