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  • - I don't think any other stock has captivated investors

  • on Wall Street or Main Street the way Tesla has.

  • It's just become one of the most controversial names

  • and one of the most watched names out there.

  • This summer, Tesla became the most valuable auto company

  • in the world,

  • surpassing Toyota and claiming a market cap

  • of nearly $183 billion before continuing its climb.

  • - The electric vehicle maker's stock speeding this year.

  • - Musk's wealth skyrocketing

  • thanks to a surge in Tesla shares,

  • making him wealthier than Warren Buffet.

  • - But the company's fundamentals

  • don't seem to explain the rise.

  • For example, Toyota sold almost 25 times as many

  • vehicles as Tesla did last year.

  • Instead, the rally has been driven by investor enthusiasm

  • for CEO Elon Musk.

  • In a belief by some that in the future,

  • cars everywhere will be powered by batteries,

  • not gasoline.

  • Here's how Tesla became the most valuable auto maker

  • in the world.

  • Tesla developed its first car in the early 2000s.

  • But to follow its ballooning share price,

  • a good place to start is last fall.

  • In October 2019, Tesla reported a surprise profit

  • for its latest quarter,

  • and that just sent its shares soaring.

  • Just a few months prior,

  • Tesla shares were hovering near a three year low.

  • The prior year, Elon Musk had tweeted

  • that he was going to take Tesla private at $420 a share.

  • And that landed him in the cross hairs of regulators.

  • He also kind of had a history of missing financial targets

  • and car delivery targets.

  • So that's why this surprise earning spree

  • was a really big deal.

  • Amid the rush of investor optimism,

  • in mid-November Musk held an event in Los Angeles

  • to reveal Tesla's Cybertruck.

  • What he did was he unveiled this pickup truck

  • that looked unlike any other pickup truck

  • we had ever seen before,

  • and he boasted that it was really, really durable.

  • At the event, a Tesla employee

  • threw a metal ball at the window to show its strength

  • but ended up breaking the glass.

  • - I should say also, we're going to be offering rides

  • in this all night.

  • (audience cheers)

  • Yeah, don't mind the glass.

  • (audience laughs)

  • - The next day, shares fell more than six percent,

  • but amid press around the event,

  • the stock quickly recovered,

  • and on December 23, it surged past $420.

  • The reason that 420 mark is kind of a milestone

  • is that, you know, that was kind of the tweet

  • that landed Musk in the cross hairs of regulators.

  • The SEC later said the tweet

  • was a reference to marijuana culture

  • that Musk used to amuse his girlfriend.

  • The shares crossing 420 later in the year,

  • it was kind of a victory in that sense.

  • In the following weeks, Tesla had a string of wins.

  • The company said it met its delivery goal

  • of 360,000 cars for the year.

  • And less than a year after breaking ground

  • at its China plant,

  • the car maker met its objective for Model 3 production

  • at the facility,

  • and held a press conference to celebrate deliveries

  • of China-made Model 3s to Chinese customers.

  • Many people viewed China as the world's biggest market

  • for electric vehicles,

  • so in order for Tesla to make this journey

  • from a small start-up to a global behemoth

  • producing electric cars,

  • Polish investors say that it needs to target that market.

  • So this boosted expectations for the coming year.

  • The investor momentum continued when on January 29,

  • Tesla posted a profit for the second quarter in a row.

  • On the earnings call,

  • the company said it was well on its way

  • to producing its next car,

  • the Model Y compact sport utility vehicle.

  • And it told investors the business should be profitable

  • going forward.

  • So this was around the time that Tesla shares

  • really just started to go parabolic,

  • and you saw Wall Street investors, Main Street investors,

  • kind of all piling into Tesla shares, Tesla options,

  • and it just kind of became this huge frenzy

  • around the company.

  • But not everyone was betting for the car company.

  • The fascinating thing about Tesla is that

  • despite its meteoric rise in the stock market this year,

  • it remains one of the most popular shorts,

  • so that means it's a really popular bet for investors

  • who think the shares are going to absolutely plummet.

  • When the stock goes up,

  • that's painful for a short investor.

  • That means that they're losing money.

  • So some people can't hold on

  • to these money-losing positions for too long,

  • so they have to close out their position,

  • and sometimes they do that by buying Tesla stock.

  • In this kind of unusual twist,

  • you have investors who think the shares are going to go down

  • actually helping to drive it up.

  • But the stock run-off was stopped short in March.

  • Despite investor enthusiasm,

  • Tesla was not immune to the market effects

  • of the Coronavirus lockdowns.

  • That month, California issued stay-at-home orders,

  • leading Tesla to suspend production at a factory,

  • and interrupting the company's ramp-up

  • for its newest vehicle.

  • The stock fell in March and then quickly bounced back

  • as the market started to recover.

  • At the heart of this downturn,

  • the federal reserve enacted a massive stimulus plan

  • to buoy the economy,

  • fueling a broader recovery in the stock market

  • that also lifted stocks like Tesla.

  • On April 29, Tesla reported another profit,

  • the third in a row.

  • Even through the low of the S&P 500,

  • the S&P was down roughly 30 percent year to date,

  • and meanwhile, even through that time frame,

  • Tesla stock was up.

  • So despite a recession,

  • a global pandemic that could crimp demand for cars,

  • Tesla's stock has still been resilient this year.

  • Then on June 10, investors pushed the auto makers' stock

  • past $1,000 a share for the first time ever.

  • After Musk told employees it was time to begin production

  • on the company's all electric semi-trailer truck.

  • By July, Tesla became the world's most valuable car maker,

  • overtaking Toyota,

  • and on the 2nd, Musk taunted the short sellers

  • when shares opened above $1,200 for the first time

  • after Tesla deliveries beat expectations

  • and investors anticipated the company's inclusion

  • in the S&P 500 Index.

  • In order to be considered for the S&P 500,

  • a company needs to deliver a cumulative profit

  • over four consecutive quarters,

  • including the most recent.

  • So even before Tesla's most recent earnings report,

  • a ton of investors were anticipating,

  • hey we think it's going to be profitable this quarter,

  • we think it's going to be in the S&P 500,

  • and that drove the stock even higher.

  • On an earnings call on July 22,

  • Tesla said it hit that goal,

  • defying the Wall Street bears who expected a loss.

  • - We were able to achieve

  • a fourth consecutive profitable quarter,

  • and although the automotive industry was down

  • about 30% year over year in the first half of the year,

  • we managed to grow deliveries

  • in the first half of the year.

  • - If you bought 10 shares of Tesla last June, in June 2019,

  • it would have cost you a little more than $1,700.

  • If you held on to that investment through late July,

  • it would have been worth more than $15,000.

  • Bears still say that the stock is going to go down.

  • They don't think that Tesla will bring electric vehicles

  • to the masses.

- I don't think any other stock has captivated investors

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How Tesla Became the Most Valuable Auto Maker in the World | WSJ

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    joey joey に公開 2021 年 06 月 06 日
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