SpaceX’s Musk effect boosts Tesla’s strong climb by more than 7%

Tesla, another company managed by Elon Musk, rose as much as 7.56 per cent to $898.1, not far from its all-time high of $968.99. Analysts attribute today’s rise to Musk’s brand effect, and SpaceX’s success in sending astronauts to the International Space Station has boosted optimism about Tesla.

SpaceX's Musk effect boosts Tesla's strong climb by more than 7%

Although SpaceX and Tesla are independent companies, there is some synergy in some key areas of research and development, and SpaceX’s historic success has undoubtedly injected a shot in the arm for Tesla.

Adam Jonas, an analyst at Morgan Stanley, wrote: “We believe that SpaceX’s success in scientific challenges has a direct impact on the public, investors and government perceptions of Musk’s leadership and implementation capabilities. While the impact of SpaceX’s success on Tesla cannot be measured in money, the credibility of Musk’s leadership is important to Tesla. “

At the same time, Tesla also significantly reduced the delivery time of model Y in the U.S. market, further boosting investor sentiment. 14 days ago, Model Y had a delivery time of 8-12 weeks, but it has now been cut directly to 4-8 weeks, and it is not clear whether the reduction in delivery time is due to increased production, reduced demand, or both.

SpaceX's Musk effect boosts Tesla's strong climb by more than 7%