Tesla is still exploding.
Over the last few weeks, the stock exploded from about $790 to a high of $1,090. Granted, it’s greatly overdue for a pullback, massively oversold on RSI, MACD, and Williams’ %R. But it’s still pushing higher. For one, as we noted on October 25, “The company’s market cap just briefly touched $1 trillion after Hertz announced it would buy 100,000 EVs from Tesla.”
We also mentioned that world leaders want millions of EVs on the roads by 2030.
Even automakers are upgrading fleets to all-electric. Better, Morgan Stanley analyst Adam Jonas just raised his price target to $1,200 from $900. Helping, according to the International Energy Agency, we could see about 130 million EVs on the road by 2030, a monumental move from 5.1 million in 2018.
Tesla is seeing another boost from President Biden this morning. In fact, as part of his potential $1.75 trillion spending plan, the President wants to provide EV tax credits. In fact, it could provide up to $12,500 to some families that stop driving gas-powered autos.
All could fuel bigger upside for electric vehicle stocks.