Tuesday's Market Minute: Glory Days Of Electric Vehicles

While Mondays are often branded as the most grueling workday of the week, that was not the case for Tesla TSLA shareholders and CEO and co-founder Elon Musk. Tesla’s stock continued its bullish momentum through the trading session, closing the day up over 8% to hit a new all-time high. This positioned Musk, as the largest shareholder with over 220 million shares, a richer man than Mark Zuckerberg and Jeff Bezos — combined. His holding in Tesla increased in value by a whopping $20B in just the single session alone. He can afford to purchase every MLB, NBA, NFL, and NHL team – just for some context.

For Tesla, the good news keeps does not appear to be slowing. Since announcing a 5-for-1 stock split at the end of August, the stock has added roughly 60%. A lot of the strength has been seen throughout the last week after the company announced a deal with Hertz HTZZ, which the Hertz CEO said is just the tip of the iceberg in their push into electrifying their fleet of cars. Tesla additionally said on Monday that its non-Tesla Supercharger pilot will launch at 10 Supercharger locations in the Netherlands; it currently has over 25,000 Superchargers throughout the world. The E.V. giant also sells solar panels, home battery backups, and a solar roof. According to Electrek reports, Tesla has successfully updated the roof’s design to increase power and efficiency (+22%) for no extra cost.

The newly-$1T market cap company’s upward move was shared by other players in the clean energy space following President Joe Biden’s speech at the COP26 climate summit. Nio closed the day +3.6%, reversing earlier intraday losses after reporting a 27.5% Y/Y drop in its October deliveries. Other names in China’s electric vehicle market also rose intraday following their delivery numbers, like XPeng and Li Auto. XPeng’s October deliveries marked their second straight month of 10,000+ deliveries and signaled a 233% jump from last year. Li Auto’s October deliveries rose over 107% Y/Y.

One of the most sizable gainers of the day was FuelCell Energy, which designs, manufactures, sells, installs, and operates fuel cell products. Shares closed over 19% higher, but still sit well below their 52-week high of $29.44.