Can Tesla Go Up Further?
πππ$Tesla Motors(TSLA)$
Can Tesla go up further?
The catalyst for Tesla's stock upward momentum came with its Q2 24 deliveries that exceeded analysts expectations. At 443,956 vehicles, deliveries were 14.8% higher than in previous quarter. The rising demand is supported by price reductions and purchase incentives.
However Tesla's production of 410,831 vehicles in Q2 24 was 5.2% lower than previous quarter of 433,371 vehicles. The current Q2 24 figure is the lowest production result since Q3 2022 with 365,923 vehicles.
The good news today is that Tesla was included on a government procurement list in China for the first time in Jiangsu province. This means that the company's EVs can be used as service cars by the public organisations.
Tesla is also showcasing 2nd generation Optimus, its humanoid robot at the 2024 World Artificial Intelligence Conference in Shanghai. Last December Tesla released a demo of the 2nd generation robot which can perform delicate tasks such as picking up an egg and boiling an egg. In April this year, Elon Musk said that he plans to start using Optimus in Tesla factories in 2025.
Bank of America and Wedbush securities analysts have raised their price targets for Tesla to USD 260 and USD 300 from previous targets of USD 220 and USD 275 respectively.
Even though Tesla has erased its share price drop for the year, it is still below its record high at USD 409 which was reached in November 2021.
I believe Tesla's future success would depend on its progress in AI such as Optimus, Tesla's robot as well as new projects like Robotaxi and FSD. Another room for exponential growth ahead would be a low cost Tesla EV in order to compete with competitors like BYD. Elon Musk said that Tesla hopes to introduce a new low cost model code named Model 2 in 2025.
If all of the above projects come to fruition, Tesla's dark days will be over. It is time to usher a new exciting chapter for Tesla as it powers its way to the top once again.
Can Tesla go up further? It is a Yes from me!
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$280 is the highest I am expecting $TSLA to run before earnings.
Just hold steady, I believe $Tesla Motors(TSLA)$ will rise up to 300~400 in the year end.