Reported 12 months ago
On July 3, 2024, Tesla's stock price soared by 10.2%, closing at $231.26 as Federal Reserve Chairman Jerome Powell mentioned progress in lowering inflation, leading to all major U.S. stock indices ending in the green. Tesla's energy storage business value continuously rising was a key factor. Powell's remarks at the European Central Bank forum indicated significant progress in inflation reduction, with expectations that inflation rates may return to the central bank's 2% target by next year. After the Fed's dovish stance, all four major U.S. indices closed higher, with the S&P 500 and Nasdaq hitting new record highs. Tesla's delivery of approximately 444,000 cars in the second quarter outperforming Wall Street's expectations drove a 10.2% surge in stock price, reaching a new high since January and increasing market value by over $60 billion. Analysts attribute Tesla's stock price rise to steady growth in delivery numbers and increasing value in its energy storage business, particularly in deploying battery storage energy reaching 9.4 GWh in the last quarter, a growth rate over 100% setting a new high.
Source: YAHOO