This news comes at a time when Tesla shares (TSLA) are getting pulverized by adverse global events. The Tesla (TSLA) stock lost 13.57% on March 9 following growing scares and concerns over the coronavirus outbreak and recent declines in oil prices. The Nasdaq Composite Index, on which Tesla is listed, plunged over 7% on that same day. However, Tesla has managed to recover some of those losses. It is currently trading a little above 10% in the extended trading hours due to the positive news coming from the Tesla factory in Shanghai over its proposed production layout. Notwithstanding, TSLA is still up about 180% over the last six months.
The Ever-Growing Electric Car Industry
Musk’s victory announcement is coming at a time when other automakers are starting to prioritize the electric vehicle industry. Just last week, the BMW Group disclosed details to their new BMW Concept i4. This electric concept car will hit the production floors sometime in 2021. At the end of 2019, BMW announced that it had completed the sale of 500,000 electrified vehicles. The Chief Executive Officer at the time, Oliver Zipse, asserted that “business was pacing significantly” and that the company was targeting 1 million electric vehicles by 2022. Also, in 2019, the Volkswagen Group officially began producing its ID.3 electric car while announcing plans to launch over 70 new electric models on its platform by 2028. China is the largest electric car market in the world, with over a million electric cars sold in 2018, according to a report by the IEA. Europe and the United States closely follow China’s market.
