Tesla Inc. added about $84 billion to its stock-market value, more than Ford Motor Co.’s entire market capitalization. The company is the biggest gainer on the NYSE FANG+ Index this year. On Monday, the shares closed up 8% at $1,091.84, the highest level since Jan. 12. The value addition took place after the electric-vehicle maker said it is planning a second stock split in about two years.
Foreign Minister for Science and Technology, Fawad Chaudhry, has invited Tesla’s owner, Elon Musk, to establish a car plant in Pakistan. Chaudhry invited Elon after the billionaire’s company shared its goal of producing half a million electric vehicles in its upcoming factory near Berlin. The minister in his attempt to convince the company’s owner mentioned some benefits regarding exports as well as customs.
German car manufacturer, Porsche intends to be the next contender in global electric car market, aiming to make 50 per cent of its production electric by 2050. Porsche’s North American chief, Klaus Zellmer said he has set out plans to overtake market leader Tesla. From 2021 Porsche intends to sell a fully electric version of its SUV, the Macan, which would compete directly against Tesla’s Y model.
Investors betting against Elon Musk’s electric-auto maker Tesla collectively lost an estimated $1 billion-plus on Thursday as the company’s stock headed for its best day on Wall Street since 2013. High profile short sellers have clashed with Tesla and CEO Musk in the last few years including Greenlight founder David Einhorn and Jim Chanos.