Tesla surges 20%, gets boost from Panasonic’s quarterly profit increase
Tesla posted its one of the largest one-day gains, up by 20% on Monday trade after getting a lift from Panasonic’s quarterly profit report.
The appointment of Elon Musk as the Chief Executive Officer made significant changes in the company’s quarterly profit performance, with Tesla rallying by more than 30% in its second quarterly profit last Wednesday.
Since June of 2019, Tesla’s stock went beyond 300%, thanks to better-than-expected figures and faster production.
The surge in stock on Monday came in light of Panasonic Corp’s report of the first quarterly profit in its U.S. battery business with Tesla.
“We are catching up as Tesla is quickly expanding production. Higher production volume is helping to push down materials costs and erase losses,” Panasonic Chief Financial Officer Hirokazu Umeda said.
Panasonic reported its operating profit for the month of October to December with a 3% increase ($915 million), going beyond the expected 49% prediction of analysts.