Shares of electric car company "Tesla" rise sharply

The shares of the American electric car maker, Tesla, have risen significantly in recent days, in light of investors' expectations that the company led by Elon Musk can overcome the shortage of electronic chips that severely affect automakers.

Tesla's share price rose today by 1.7 percent to $859.61, up more than 50 percent from its low level on March 8, which was $563 per share.

And the Bloomberg News Agency indicated that the stock reached this level today, after eight weeks of rising, which is the longest period of steady rise for the stock since the outbreak of the emerging Corona virus pandemic.

At the same time, Tesla became the sixth largest listed company in the US by market capitalization, outperforming Berkshire Hathaway Investment Group.

For his part, Wedbush analyst Daniel Ives wrote in a note yesterday: “We believe that the development of the green tide (the shift towards clean energy) will push Tesla stock further higher, despite the lack of electronic chips, in light of the positive impact of the company’s results during the third quarter. of the current year."

Tesla's stock has been rising steadily in recent months, thanks to its quarterly results that outperformed traditional automakers affected by the chip shortage.

And Tesla sales during the third quarter increased more than analysts' estimates.

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