Netease Technology News on January 8th, according to foreign media reports, given that Tesla CEO Elon Musk personally delivered the Model 3 made in China to customers and revealed more information about Model Y On Tuesday, Tesla’s stock price continued to soar for three weeks.
It is reported that Tesla’s stock price rose 3.88% that day, closing at $ 469.06, with a market value of $ 84.5 billion. The stock once hit an all-time high of $ 471.63.
On January 7, Tesla celebrated the first delivery of the Model 3 at its Shanghai Super Factory and announced that it will begin production of the Model Y in China as early as 2021. “In the end, the demand for Model Y may exceed the total of all other Tesla cars,” Musk said. “Model Y will also have advanced manufacturing technologies that we will demonstrate in the future.”
Musk kicked off the press conference with a cheerful dance. With rhythmic fun, he even took off his suit jacket.
As Tesla’s stock price continues to hit record highs, Musk has reason to be happy. The current market value of Tesla is close to $ 85 billion, and the combined market value of Ford and General Motors is $ 87 billion.
At Tesla’s awards ceremony, Musk personally handed the car keys to the top 10 customers of the Chinese-made Model 3. The first 15 Model 3 cars were delivered to Tesla employees last week.
“We intend to continue to make significant investments and increase investment in China,” he said. Musk also revealed plans to build an engineering center in China.
Last week Tesla said it delivered 112,000 vehicles in the fourth quarter, exceeding expectations.
The Shanghai Super Factory is Tesla’s first large-scale car manufacturing plant outside Fremont, California. The company also plans to build a factory near Berlin, Germany.
Tesla said that Shanghai’s super plant has produced 1,000 vehicles per week and plans to increase production to 3,000.
The company’s stock price underperformed at the beginning of 2019, plunging 53% from mid-December 2018 to early June 2019. But then Tesla’s stock began to rise, and has since risen 159%.
Gary Black, chief tobacco analyst of Bernstein in the 1990s and former CEO of Aegon Asset Management, rose after Tesla’s stock price hit a record high on Tuesday It’s even bigger because Wall Street underestimated the company’s profitability and car production.
Black said on Tuesday, “When Amazon’s market value reached $ 85 billion, those who were skeptical of Amazon raised the same question. How could Amazon’s market value exceed Nordstrom, Coles, Macy’s and Target Sum of premium retailers? When a disruptive technology is knocking down existing competitors, the market will discount all future profits. “He expects Tesla’s US market share to rise from the current 2% 10% by 2024. Black is now a private investor.
Black said in December that Tesla’s share price could double. Tesla’s stock price was about $ 400 at the time.
Black said that Tesla’s market value was reasonable, saying that “the stock market is a discount mechanism-look forward, not backward.” He believes that Tesla’s annual net income will reach 50 by 2024. USD 20 billion, which will reach USD 15 billion by 2029, while Ford and General Motors currently have a combined annual net income of USD 11 billion and are still declining.
Black believes that Tesla’s earnings per share may reach $ 10 in 2020, compared with the previous consensus of about $ 5. Black also noted that Tesla’s earnings per share will be $ 27 by 2024. Calculated at a price-earnings ratio of 30, earnings in 2024 will support a stock price of $ 800 per share. Black believes that Tesla may set a target of 500,000 cars in 2020 when the fourth-quarter results are announced on January 29, while Wall Street consensus is 470,000.