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By 2040, electric cars could make up 57% of all passenger car sales worldwide, and Tesla has nearly a decade head start in the electric vehicle market. Tesla has become the first automobile manufacturer to reach the $1 trillion market cap, making it the world’s most valuable car company. Over the years Tesla’s soaring share price has created an army of millionaires, but it’s been a volatile ride for traders and investors.
In Q4 2021 revenue grew to $17.72 billion above analyst estimates of $16.57 billion. In addition, Tesla forecasts that EV sales will grow by more than 50%. It expects to deliver more than 1.4 million vehicles in 2022 despite the disruption in supply chain issues that the company and the automobile industry have been facing. In addition, Tesla price targets were raised to $1,125 by Goldman Sachs analysts and maintained a solid buy rating. Shares of the EV automaker gained approximately +24% over the past 6 months and have gained +400% over the past 24 months.
Is Tesla’s stunning growth story only just getting started? Even though the company’s stock has been in a battleground for years as one of the most shorted, bet against, names. Bearish investors believe that the stock is extremely overvalued and has been detached from its fundamentals, while bullish investors believe the EV pioneer will continue to dominate the market. Based on 34 wall street analysts offering recommendations for Tesla they gave a “BUY” consensus rating.
Tesla has been closing in the red for the fourth day in a row with increasing selling volume, as there has been a powerful market rotation, investors and traders have been dumping US shares as looming higher interest rates have steered them to buy more companies that are defensive. If the support level of 721 Is not sustained, a further slide to the next support level of $629. RSI levels remain below the 50 levels, still signaling a downtrend. Bulls will need to break the $831 resistance level, before witnessing any signs of a clear reversal.
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