The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
After a torrid rally that saw shares more than double since early May, Tesla Inc. is taking a pause, even as the broader
market rises on the hopes for a coronavirus vaccine.
Tesla shares dropped as much as 3.9% to $1,457 in New York, as the S&P 500 Index rose as much as 1.3%. The electric vehicle maker is now worth in excess of $275 billion, having increased by more than the equivalent of Caterpiller Inc.’s entire market value in just this month.
The optimism around Tesla had also lifted the stocks of other smaller electric vehicle companies, such as Nio Inc., Workhorse Group Inc., Electrameccanica Vehicles Corp. and Nikola Corp., all of which were down on Wednesday, with the exception of Nikola. The share price of these companies have risen at least three-fold over the past three months, with Workhorse jumping 674%.