Tesla stocks take off with SpaceX's historic launch, rise in Musk's credibility

Tesla's stock (NASDAQ:TSLA) on Monday rose significantly just days after SpaceX's historic launch to put two NASA astronauts into outer space. Elon Musk, the man in charge at both Tesla and SpaceX, received a credibility boost of sorts after the successful launch which may have helped the electric car-making company outpace the market.

Many have said that Elon Musk has managed to showcase the Tesla car and sort of advertise it without spending a penny in this particular 'campaign.' (REUTERS)
Many have said that Elon Musk has managed to showcase the Tesla car and sort of advertise it without spending a penny in this particular 'campaign.'

Tesla stock price reportedly rose by almost 8% by the end of trading session on Monday. Just two days earlier, on Saturday, SpaceX managed to successful send two astronauts on board Falcon 9 rocket into outer space. The Crew Dragon capsule would eventually, and successfully, dock at the International Space Station. This was a historic development because it was for the first time that a commercial spacecraft brought astronauts to the ISS.

Also Read : 'No other country...': Tesla and SpaceX CEO Elon Musk heaps praise on US

Musk had jumped with joy after the successful launch. He may as well have jumped once again on Monday as the SpaceX founder's image boost possibly rubbed off on Tesla, a company he first invested in and then took over as CEO.

SpaceX CEO Elon Musk celebrates with his brother Kimbal Musk (in hat) after the launch of a SpaceX Falcon 9 rocket and Crew Dragon spacecraft on NASA's SpaceX Demo-2 mission to the International Space Station. (REUTERS)
SpaceX CEO Elon Musk celebrates with his brother Kimbal Musk (in hat) after the launch of a SpaceX Falcon 9 rocket and Crew Dragon spacecraft on NASA's SpaceX Demo-2 mission to the International Space Station. (REUTERS)

Also check these Vehicles

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
₹70 Lakhs - 1 Cr* *Expected Price
View Details
Tesla Model 3 (HT Auto photo)
UPCOMING
₹ 70 - 90 Lakhs* *Expected Price
View Details
Toyota Glanza (HT Auto photo)
₹ 7.18 - 9.45 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Mahindra Ekuv100 (HT Auto photo)
UPCOMING
₹ 8.25 - 10 Lakhs* *Expected Price
View Details
Kia Sonet (HT Auto photo)
₹ 6.79 - 13.35 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Mercedes-benz Amg Glc43 Coupe (HT Auto photo)
₹ 83.10 Lakhs* **Ex-showroom price
Add to compare
Check latest offers

Tesla stocks have made noticeable gains over the last several months and reports suggest that good times could continue despite the challenges staring the global automotive industry due to the Covid-19 pandemic. Some of the reasons cited include development on a 'million mile' battery that could eventually ensure Tesla cars become more affordable than ever before while allaying fears emanating from a possible lack of supporting infrastructure for electric vehicles. Another reason is that Musk has been pushing up Tesla's production at its US plant. While Covid-19-related shutdown did cause work suspension in the company's plant in Fremont (California), Musk got his way after a bitter verbal duel with local health officials. Then there is Tesla's massive strides in the Chinese automotive market which registered positive figures for the second straight month in May.

While there have been many who have also predicted a 'boom and bust' scenario, Tesla stock price have largely remained in the green so far and could possibly stay there in the foreseeable future.

First Published Date: 02 Jun 2020, 15:44 PM IST
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
40% OFF
MelodySusie Portable Electric Nail Drill Professional Cleaner Dust Collection/Lighting 2 in 1 Car Vacuum Cleaner 120W High-Power Handheld Wireless Vacuum Cleaner Home Car Dual-use USB Rechargeable (Black)
Rs. 599 Rs. 999
42% OFF
Boldfit Cycle Pump for Bicycle Portable Air Pump for Cycle and Bike Foot Balloon Pump Machine for Balloon High Pressure Cycle Air Pump for Bicycle, Car, Football Pump, Pump for Cycle Tyre Black
Rs. 349 Rs. 599
SHAYONAM Dent Removal Kit - Powerful Car Dent Repair Kit - Suction Cup Dent Puller Handle Lifter and Dent Repair Puller for Car Body Dent, Glass, Tiles and Mirror (Plastic)
Rs. 399

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.