Tesla charges more as share price sparks into life again 

The EV maker has raised the prices of some of its models while its stocks were rising too, adding over $100 billion to Tesla's market capitalisation 

by Sean OMeara
Tesla charges more as share price sparks into life again 
Traders exchanged nearly $43 billion worth of Tesla shares on Wednesday. Photo: Reuters

Tesla has upped the price tag on two of its leading models just a day after the electric car maker’s share price saw its biggest daily rise in a year.

The American EV firm has increased the prices of its Model Y Long Range and Model S Plaid plus by $10,000, the electric-car maker's website showed on Thursday.  

The price rises came just 24hrs after its shares leapt nearly 20% on Tuesday, rebounding from a deep sell-off with its largest daily gain in a year. That was after data showed an increase in China sales and an analyst raised his rating on the stock.

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The jump, which added over $100 billion to Tesla's market capitalisation, stopped a five-day streak of losses for the company in a Nasdaq slump in which investors, spooked by rising interest rates, abandoned growth stocks with heady valuations.

Traders exchanged nearly $43 billion worth of Tesla shares, more than any other stock and almost triple the second most-traded company, which was Apple, according to Refinitiv data. 

"As much as the market severely corrected the recent excesses of optimism reflected in Tesla’s valuation, our recent work strengthened our confidence about the solid outlook for the company in the next two years," Ferragu wrote in a client note.

CHINA SALES

Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.

Tesla's stock remains up about 70% over the past six months. Thirteen analysts have neutral ratings on Tesla, while 12 recommend buying and 10 recommend selling, according to Refinitiv.

  • Reporting by Reuters

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