On Monday, the share price of electric vehicle makers, Tesla and Nio touched the sky. Last week, Tesla delivered around 91,000 vehicles and on Monday, the stocks jumped 13% and closed at $1,371.58, which is an all-time high. The company marked a gain of around 55% in the past month.
Nio, the Chinese automaker has been challenging Tesla with futuristic-looking SUVs, in China. The company took care that the shares give better results in the month of June. On Monday, the stocks of the company raised 23% to $11.51.
On one side, globally the car industry is suffering due to the pandemic, whereas on the other side Tesla and Nio showed strong sales results. As the data shows second-quarter sales slipped to 33% or more for General Motors, Toyota, and Fiat Chrysler.
The gains in the electric cars have alarmed several analysts, as the market value of the vehicles touched skies. Jeffrey Osborne, Cowen’s research analyst, wrote as quoted, “We see a lot more that can go wrong than can go right as the company transitions into Mr. Musk’s greater vision. His price target of $300 for the company’s stock is more than 75% below its current price.”
On Monday, the stocks of Electra Meccanica Vehicles, Canadian electric-vehicle maker price jumped to 65%, with a profit of 279% over the past month. Blink Charging, rose 59% and Kandi Technologies Group, gained 15% on Monday. The companies gained 282% and 37% over the past month, respectively.
Few of the recent flyers were left out of the rally, which includes Nikola Motor, lost 14%, though it is 36% up over the past month. The shares of Workhorse Group lost 16%, but it is still fivefolds up the past month.