The Direxion Daily TSLA Bull 2X Shares (TSLL) surged 6.89% in the night session on Sunday, following a remarkable rally in Tesla Inc. (TSLA) shares. The leveraged ETF, which aims to deliver twice the daily returns of Tesla stock, benefited from the electric vehicle (EV) maker's recent gains.
Tesla's stock has been on an upward trajectory, driven by growing investor confidence in the company's prospects and the overall EV market. Several factors contributed to this optimism, including:
1. Strong demand for Tesla's vehicles, with the company reporting impressive delivery numbers in the third quarter and expecting vehicle growth between 20% and 30% next year.
2. Positive outlook for the company's autonomous driving and robotaxi ambitions, with plans to launch driverless ride-hailing services in 2024 and aim for volume production of the Cybercab vehicle in 2026.
3. Tailwinds from the newly elected president's policies, which are expected to turbocharge the American economy and potentially benefit companies like Tesla.
Investors are also optimistic about Tesla's diversification into other areas, such as energy storage and robotics, which could drive further growth and innovation.