On January 27, 2021, Tesla announced that they will be releasing their new Model S that will start shipping in late 2021. This newly designed Tesla features up to 520 miles of range (best-in-class), a newly designed interior, and the controversial “yoke-style” steering wheel which was originally designed for competitive driving in Formula 1 race cars rather than daily commute in a sedan. Even at the price of $75,000, eager EV buyers are pre-ordering their Teslas, preparing to wait the 8+ months it takes for their car to be delivered.
Why is Tesla so sought after? Teslas are known for their futuristic design, large interior display, and innovative electronics, but it would not be where it is today without Elon Musk, the current CEO of Tesla. Musk, who is currently in a race for the richest man in the world, has revolutionized the car industry with the release of best-selling Teslas like the Model 3, which outsold every other electric car in 2020. This surge in electric cars has pushed car manufacturers like Ford and Porsche to create their own electric cars, intent on competing with Tesla.
Although you would think a carmaker would be popular for its cars, another reason for Tesla’s fame is because of its stock. Back in March, Tesla had a stock price of about $80. During quarantine, Tesla’s stock shot up to its current price today of $781, even after a split—when a stock’s price is split into several parts, decreasing the individual value of a stock. Investors, both amateur and professional, jumped onto this hidden gem, and made millions. With this infusion of profit, Tesla continued to produce more cars, beating sales expectations during the 2020 quarantine, one of the worst selling periods for automakers.
Tesla is literally on the fast track to becoming one of the biggest automakers in the world. With hype, both for the car and the stock, Tesla will have both the market and the capital to create more Teslas. Who knows? Maybe one day, we’ll all have Teslas.
References:
Dorian, Drew. “2021 Tesla Model S Review, Pricing, and Specs.” Car and Driver, 28 Jan. 2021.
“TSLA Interactive Stock Chart | Tesla, Inc. Stock.” Yahoo! Finance, Yahoo!
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