Tesla is the only company that appears to be making progress in sales of its stock. The company says that it has sold over 90000 vehicles in the second quarter to attain a high of $1371.58, with a percentage increase of 55 compared to the previous month.
Elsewhere, the Chinese automotive manufacturer Nio recorded higher sales and market share in June than the rival Tesla branch in China. Nio is competing with Tesla with its advanced SUVs. The competition is visible in Nio’s 23% gain in stock value. This stock value of $11.51 is more than twice of Nio’s price for last month.
The high sales values for Tesla and Nio in these coronavirus pandemic times are not enough to say that the global automotive industry is suffering. This aspect is visible with General Motors, Fiat Chrysler, and Toyota recording a drop exceeding 33%. Analysts predict that Tesla will continue to rise in the coming months.
Analysts note that the intensely high profits for these automakers are skyrocketing their market values. They think that Tesla’s shares are at the climax or in the star segment. If this statement is the real case, then they will eventually drop at a point.
Cower Research analyst Jeffrey Osborne explains in an article that there’s a likelihood of something in the firm going wrong than right as they pursue Elon Musk’s admirable vision. He submits that the company’s target price of $300 for its stock is way higher than its current price, which is 70 percent low.
Stock price rises for EV manufacturers are steep for the reticent and less high valued companies. For instance, the infamous Canadian electric-vehicle startup Electra Meccanica Vehicles witnessed its stock prices shoot to 65% this Monday. This price is a caper of 278% to last months’ price. Analysts say that this gain is possible since the company has been in business for as little as five years.
Blink Charging an operator of strings of EV charging stations noticed a 59% gain, making a high of 282% in the previous month. Another gainer startup is Arcimoto, which manufactures high-speed intriguing electric carts. This firm saw a rise of 6% and subsequently 165 percent higher than last month. Finally, the Chinese EV automaker Kandi Technologies Group recorded a rise of 15%, which is 37% greater than last month.
In conclusion, few notable high-gainers in the recent days on the low side include Nikola Motor and Workhorse Group. Workhouse Group is an upcoming electric drone and vans designer who has lost 16%, though it is still high of 48 percent. On the other hand, Nikola Motor, an upcoming manufacturer of Evs and hydrogen-operable vehicles, lost 14%, making it stand at a high of 36% compared to the previous month.