Tesla Motors Inc. (TSLA) Surges on Higher than Expected Sales, Stock Upgrade
Shares of Palo Alto, California, based Tesla Motors (TSLA) surged 15.74% on Tuesday, rising $21.93 to $161.27 per share on volume of nearly 26 million shares. The company disclosed that had sold 20% more cars than expected in the fourth quarter of 2013. The companyâ s stock was also upgraded by R.W. Baird on higher production of itâ s Model S.
Tesla Motors designs, manufactures and sells electric cars and electric car power train components, including lithium-ion battery packs used by other car manufacturers. Tesla manufactures the Tesla Roadster and the Model S, both all-electric cars. The stock trades on the NASDAQ, and posted profits for the first time in the first quarter of 2013. The company announced on Tuesday that fourth quarter car sales were the highest in company history, with almost 6,900 vehicles sold. The sales total, for both vehicles sold and total revenue, exceeded prior guidance by about 20%. Also on Tuesday, R.W. Baird analyst Ben Kallo upgraded Tesla Motors to â
Published on Jan 15, 2014
By Kevin Mercadante