On May 26, 2023, Tesla shares have surged following the announcement of a groundbreaking partnership with Ford. As part of their joint effort to address the shortage of electric vehicle charging stations in the US, Ford EV owners will now be able to use Tesla’s extensive network of charging stations. This move marks a significant step towards a more sustainable future, as more and more people are switching to electric vehicles.
In a bold move, Tesla has also decided to open up its charging network to all cars, further promoting the adoption of electric vehicles. Meanwhile, GM is planning to leverage its vast network of dealerships to serve as local EV charging partners. These developments are a clear indication that the electric vehicle market is growing rapidly, and companies are stepping up to meet the demand.
Aside from the partnership with Ford, Tesla’s stock may also be up due to the overall strength of the market. Investors are hopeful that a resolution to the debt ceiling issue will be reached soon. The US government is expected to hit its borrowing limit soon, and both Wall Street and Washington are hoping for a compromise. The debates over the debt ceiling have brought back memories of 2011, when the US credit rating was downgraded, and the economy and markets suffered.
In other news, Tesla’s 2021 Impact Report shows that the company’s Board has adopted a resolution that all existing directors will forego any automatic grants of annual stock option awards under the director compensation program. This move demonstrates Tesla’s commitment to responsible corporate governance and sustainability.
Tesla (TSLA) Stock Update: Impressive Earnings Growth but Negative Forecast for Current Year
On May 26, 2023, Tesla (TSLA) opened at 184.60 and fluctuated between 184.53 and 194.91 with a volume of 2,883,553 shares traded. TSLA’s market capitalization remained high at $571.0B. The company’s earnings growth over the past year was impressive at +115.27%, but its earnings growth for the current year was negative at -17.60%. TSLA’s revenue growth over the past year was +51.35%. TSLA’s next reporting date is July 24, 2023, with an EPS forecast of $0.77. TSLA operates in the consumer durables sector and the motor vehicles industry, with its corporate headquarters in Austin, Texas.
Tesla Inc Stock Price Decreases but Analysts Still Recommend Buying: Q2 Earnings Report Expected July 24, 2023
On May 26, 2023, Tesla Inc’s stock price closed at 194.58, which is a decrease of 3.69% from the median target price of 187.40 set by the 35 analysts offering 12-month price forecasts. Despite the decrease in the median target price, the current consensus among 47 polled investment analysts is to buy stock in Tesla Inc. Looking ahead, Tesla Inc is set to report its earnings for the current quarter on July 24, 2023. The company’s earnings per share for the quarter are expected to be $0.77, with sales of $23.9B.
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