Tesla (TSLA) gains momentum, helps push Nasdaq to record high

Tesla stock (NASDAQ:TSLA) broke out on Wednesday, rising 5.3% and closing at $656.57 per share. With this, Tesla effectively outpaced its peers in the S&P 500 and the Nasdaq 100. Tesla’s surge even contributed to the Nasdaq rising to an all-time high on Wednesday. 

Tesla’s breakout on Wednesday came on the heels of several positive updates about the company. For one, Tesla held an event for its solar-powered charging station with onsite power storage at the Tibetan capital of Lhasa, its first such facility in China. This came not long after the company announced that it had opened its longest Supercharger route from east to west along China’s historic Silk Road. 

Apart from this, a study from consulting firm Ernst & Young has forecasted that electric vehicle adoption may reach a tipping point by 2033, or as early as 2028 in Europe. The firm had previously forecasted 2038 as the inflection point for EV adoption, as noted in a report from The Street. This sentiment was shared by Piper Sandler, with analyst Alex Potter noting that global EV adoption may surpass 50% market share between 2030 and 2035. 

Tesla also received some accolades, in the form of the Model 3 and Model Y being listed as two of the most American-made vehicles in the country by Cars.com. This highlights Tesla’s roots in the United States, which may be valuable in the near future as the Biden administration pushes its efforts to support American companies that provide jobs to Americans. The current administration’s push for EV adoption, which could come in the form of new incentives, is also poised to benefit Tesla. 

Tesla is currently involved in its end-of-quarter push, with the end of Q2 2021 coming in a week. Amidst the anticipation for the release of the company’s second quarter production and delivery report, TSLA stock may see higher trading volumes as both Wall Street and investors brace for the company’s Q2 results. 

Tesla’s momentum seems to be strong, with the company trading +2.91% at $675.70 per share on Thursday’s opening bell. 

Disclaimer: I am long TSLA.

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