After a turbulent year in 2022 for the broader market, Tesla’s stock (NASDAQ: TSLA) has made a remarkable rebound, captivating investors and analysts alike. Following a period of volatility and uncertainty, the electric vehicle pioneer has shown a strong resurgence in the stock market.
And it seems the electric vehicle (EV) maker will not stop doing so anytime soon. On Monday, June 12, Tesla’s shares climbed by an additional 2.2% during regular trading hours, marking its record winning streak of 12 days.
Over the past week and month, TSLA gained more than 14.7% and 41.8%, respectively. This rapid share price rise has resulted in Tesla adding over $258 million in its market cap over the past 30 days.
What is fueling Tesla’s stock price?
Tesla investors have capitalized on several factors that fueled its record win streak, including optimism around tax credits, landmark deals with other major carmakers, and the Cybertruck.
Namely, thanks to several aggressive price cuts announced in recent months, all versions of the Model 3 Tesla are now eligible for the full $7,500 purchase tax credit, making the batter-powered sedan significantly more affordable to buyers.
At the same time, the EV company recently struck a deal with US rival General Motors (NYSE: GM), aimed at allowing GM electric car drivers to use Tesla’s vast supercharger network. The company announced a similar deal with Ford Motor (NYSE: F) just a few days later.
Finally, investor optimism received an additional boost after Tesla reportedly said it plans to produce 375,000 Cybertruck vehicles per year, representing a sharp increase from its earlier forecasts.
Tesla stock price analysis
At the time of publication, TSLA shares were trading at $249.83, up 2.22% on the day.
Year-to-date, the stock gained a jaw-dropping 111%, after losing around 50% last year.
The company’s impressive performance encouraged many analysts to make bullish moves on TSLA, including KGI Securities’ Jennifer Liang, who raised the stock’s 12-month price target to $335, representing a possible upside of more than 34%.
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