Tesla stocks have been witnessing buying for last three sessions. Tesla share trading above short term EMAs on the daily timeframe is signalling a potential opportunity to invest in Tesla stocks.
Tesla, Inc. is a leading company in the design, development, manufacturing, and sales of fully electric vehicles and energy generation and storage systems. In the automotive segment,. In the energy generation and storage segment, Tesla designs, manufactures, and installs solar energy generation products and energy storage systems. Tesla’s range of automotive products includes popular models like Model 3, Model Y, Model S, and Model X. Additionally, they offer lithium-ion battery energy storage products such as Powerwall and Megapack.
The EV industry has been experiencing rapid growth due to increasing environmental concerns, government regulations promoting clean energy, and advancements in EV technology. Tesla has been an in important player in this market and leading the way in electric vehicle adoption. Being a leader in the EV segment, it has captured a significant share of global EV sales. Its latest models have gained popularity in North America, Europe and China.
Tesla’s investments in expanding its energy-related facilities, such as the Megapack factories, indicate its commitment to sustainable energy solutions beyond just electric vehicles. This diversification of their business portfolio can contribute to long-term revenue growth and resilience.
Opening up the Supercharging network to non-Tesla vehicles not only increases the potential user base but also helps in establishing Tesla as a leader in charging infrastructure. This can create additional revenue streams and promote the adoption of electric vehicles more broadly, benefitting the entire industry.
Although Tesla’s revenue experienced decline by 9% as compared to last year, investors are keeping faith on the long term prospects of the company.
Tesla has also announced its plan to lay off more than 10% of its global workforce and reduce vehicle prices in major markets such as the United States, China and Europe. Reducing workforce by more than 10% will save Tesla more than $1 billion annually in costs.
Further, with Elon Musk pledging to accelerate plans for a more affordable EV, Tesla stock futures have the potential to rally.