Tesla has achieved meteoric growth in market value and stock price in 2020. Over the 12-month period, its market cap increased by over $500-billion year-to-date (YTD).
According to the research data analysed and published by Stock Apps, Tesla’s stock price rose from $84.90 at the start of 2020 and closed at $705.67 on December 31. It marked a massive rise of 743%.
However, Wall Street is split on the future of the Tesla stock. Based on JP Morgan analysts, it is projected to plummet by 87% in 2021 to $90 per share. On the other hand, Goldman Sachs offers a price target of $780 and Wedbush estimates it to be around $1 000.
Tesla’s market capitalisation as of 12 January 2021 is $834,17-billion. It thus surpassed the total cumulative market value of the top eight automakers globally. Among other factors, its phenomenal rise was attributed to the company’s addition to the prestigious S&P 500 index on December 21.
Based on a 2 January 2021 Tesla sales report, the volume of sales in Q4 2020 made that its best quarter yet. It had a total of 180 570 deliveries during the quarter and produced 179 757 cars. For the full year, its total delivery was 499 550, up by 36% year-over-year (YoY), narrowly missing its target of 500 000. Production volume surpassed a similar target, reaching 509 737.
On the other hand, the total new car sales in the US reached 15,9-million in 2020, down by 4,7% from 2019. Tesla’s total sales for the period thus account for only about 3% of the total. Comparatively, GM sold 2,5-million cars and light trucks in the US during the year. Toyota sold 2,1-million.
Notably though, Tesla is an undisputed leader in electric vehicle (EV) sales. Tesla Model 3 is the best-selling EV model with lifetime sales of 645 000 as of September 2020. Nissan LEAF came in a distant second with 490 000 unit sales while Tesla Model S was third with 305 000.