Last Updated: June 15, 2023, 04:21 IST<\/span><\/p>\n<\/div>\n United States of America (USA)<\/span><\/p>\n<\/div>\n<\/div>\n Tesla’s gain in market capitalization during the run came to nearly $240 billion – or more than the entire value of Japan’s Toyota, the second-most valuable automaker worldwide. (Photo: IANS)<\/p>\n<\/div>\n Tesla\u2019s record 13-day streak of gains finally came to an end on Wednesday, as the stock closed down just a smidgen after a stretch that saw the U.S. automaker add more than $200 billion to its value.<\/p>\n During the streak, Tesla shares rose by more than 40%, boosting its market value to roughly $814 billion. The gain in market capitalization during the run came to nearly $240 billion – or more than the entire value of Japan\u2019s Toyota, the second-most valuable automaker worldwide.<\/p>\n The rally was kicked off by news of the adoption of Tesla\u2019s charging system by legacy U.S. automakers Ford and General Motors. This effectively puts 60% of the U.S. electric vehicle market on the North America Charging Standard (NACS) used by Tesla, even though there are other competing charging systems used around the world.<\/p>\n The electric carmaker\u2019s stock price is still far beyond Wall Street\u2019s forecasts, sitting 28% higher than the median target of $200 among Wall Street analysts, according to Refinitiv data.<\/p>\n \u201cWhat has changed for the Street over the last month is the recognition with the Ford and GM supercharger partnerships that Tesla\u2019s sum-of-the-parts valuation is now finally starting to get tapped into,” Wedbush Securities analysts wrote in a note.<\/p>\n With this rally, the company\u2019s stratospheric price-to-earnings ratio far surpasses other automakers. Tesla\u2019s forward price-to-earnings ratio is around 62, just below the 63.7 level sported by Amazon.com.<\/p>\n By contrast, Ford and GM have P\/Es of 8.2 and 5.6, respectively, according to Eikon data.<\/p>\n Wedbush compared Tesla\u2019s share gains to Amazon, which for years defied many investor expectations that its stock would eventually fall. Tesla shares slumped in 2022, losing 65% of their value, and helping the shorts make a mint.<\/p>\n The 13-day rally cost short sellers more than $7 billion in mark-to-market losses, taking year-to-date losses to nearly $12.7 billion, according to S3 Partners.<\/p>\n (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Associated Press<\/a>)<\/i> <\/div>\n [ad_2] [ad_1] Last Updated: June 15, 2023, 04:21 IST United States of America (USA) Tesla’s gain in market capitalization during the run came to nearly $240 billion – or more than the entire value of Japan’s Toyota, the second-most valuable automaker worldwide. (Photo: IANS) During the streak, Tesla shares rose by more than 40%, boosting its … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-1413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/1413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1413"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/1413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/1414"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Tesla's](\"https:\/\/images.news18.com\/ibnlive\/uploads\/2021\/07\/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356\" "\\"Tesla's"){kind=logo}
<\/figure>\nDuring the streak, Tesla shares rose by more than 40%, boosting its market value to roughly $814 billion<\/h2>\n<\/div>\n<\/div>\n
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