Tesla surges 20% as shares triple in half year

Tesla’s intraday gain widened to 20 per cent on Monday, its biggest one-day gain since 2013, hitting an intraday record high of $786.14 and a market capitalisation of more than $140 bn. Tesla shares were up 15.43 percent at $750.97. Tesla’s shares broke through the $700 mark for the first time in early trading Monday.

Tesla surges 20% as shares triple in half year

It is reported that the Ningde Times announced on February 3rd that it will supply lithium-ion power battery products to Tesla from July 2020 to June 2022. Tesla’s exclusive battery supplier was Japan’s Panasonic, which has been working together for 10 years.

Tesla said on a recent earnings conference call that it had reached a deal with Japan’s LG Chem and China’s largest power battery supplier, Ningde Era. Tesla’s main model is the Model 3, which uses Panasonic and LG’s power batteries. After that, the Battery of the Ningde era will be first applied to the Model 3.

Tesla, however, did not guarantee the volume of purchases from the Ninder era, and subsequent Tesla will request it through orders.

Tesla also previously received a Move study to raise its target price from $556 to $808. In addition, the Tesla Model 3 set a new sales record, with a record monthly sales of 53,742 units and more than 300,000 vehicles for the year (300,885 for Tesla), according to the latest data from the EV Sales Blog.

Tesla also won the manufacturer’s ranking, setting two records: 63,148 units sold in a single month and 367,820 for the year.