Tesla stock has gained approximately 201%, 71%, 70%, and 54% in the past year, YTD, three months, and one month respectively.
Tesla Inc (NASDAQ: TSLA) stock closed the trading session on Monday, November 1, 2021, at $1,208.59, up 8.49%. Tesla (TSLA) stock hit a record high of around $1,219.50 during the extended trading period. Despite being correlated with Bitcoin and the crypto market, TSLA stock received a boost after CEO Elon Musk announced the commencement of a supercharger trial program meant for other EV drivers.
Trial program for opening Tesla Superchargers to other EVs has begun https://t.co/g4HpgRGl7d
— Elon Musk (@elonmusk) November 1, 2021
Notably, the company announced that the Non-Tesla Supercharger pilot program will be available at 10 Supercharger locations in the Netherlands. By opening up the supercharger stations for non-Tesla drivers, the company anticipates accelerating electric vehicle adoption around the world. Moreover, Tesla is the leading electric vehicle company in the world with the most number of deliveries per quarter.
It is also interesting to note that the Tesla company celebrated hitting and surpassing a $1 trillion market cap late last month. Investors are very optimistic about the company’s future growth prospects, moreover, now that it plans to onboard other EVs on its supercharger program.
“With this pilot, 10 stations are now accessible to Dutch Non-Tesla EV drivers via the Tesla app (version 4.2.3 or higher). Tesla drivers can continue to use these stations as they always have, and we will be closely monitoring each site for congestion and listening to customers about their experiences,” the company noted.
Tesla continues to amaze Wall Street and its critics who cite the associated risks over and over. Last year, the company unveiled the Tesla Short Shorts after TSLA stock rallied against all odds of critics’ calls.
Tesla (TSLA) Stock after Hitting Its New Record High
Tesla stock has gained approximately 201%, 71%, 70%, and 54% in the past year, YTD, three months, and one month respectively through Monday. According to market analytics provided by MarketWatch, Tesla shares ranged between $392.30 and $1,209 in the past 52 weeks.
With 1 billion outstanding shares, Tesla has a market capitalization of approximately $1.12 trillion.
However, not everyone is convinced that Tesla shares are a proper investment. A study conducted by MarketWatch indicates 41 stock ratings gave TSLA shares an average rating of Hold.
Notably, CNBC’s Jim Cramer who is invested in Ford Motor Co (NYSE: F) expressed his amazement at the continued Tesla rally. “Tesla is actually a phenomenon we have to talk about,” Cramer said on “Squawk on the Street,”. “I’ve actually never seen a stock go up endlessly on nothing.”
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