Tesla ramps up foreign manufacturing among competitive threats from other EV makers: Gasparino
Sources tell FOX Business’ Charlie Gasparino that Tesla management sees the incoming Biden team’s environmental policies as a huge benefit to the company.
Christmas came early for Tesla shareholders.
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It is now officially a member of the S&P 500 in what is the largest addition to the index ever, with trading kicking off Monday.
With that milestone in the books, a new chapter begins for Elon Musk’s electric vehicle maker, one that may silence his critics once and for all.
In addition, Tesla’s debt was upgraded last week by S&P Global to BB from BB- with the firm also issuing a positive outlook on the company.
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“Tesla Inc. completed the sale of $5 billion of common stock; the company also had raised about $7.3 billion cash through previous share sales this year. As a result, mounting liquidity has substantially reduced its financial risk,” the firm noted, adding, “In addition, the company continues to improve operating execution, become more efficient in production, and make strides in its global expansion."
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S&P says it may raise its view on the company in the next 12 months.
However, Tesla will likely face intense competition from rivals such as Volkswagen, Toyota and maybe Daimler and BMW. Global automakers, notes S&P Global, are expected to launch as many as 25 new EV models in the second half of 2021.
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