• Design contest: Elon Musk searches China for his definitive 'low cost'

It has been a prodigious decade for Tesla. His trading career began on June 29, 2010 with an initial offer of $ 17 for what seemed like a pipe dream. One of Edmunds' analysts branded that initial public offering as a "referendum on the future of the electric car."

Ten years later that future is evident and Tesla leads it clearly and against all odds. Those who bet on Elon Musk's dream and stood firm have seen his patience more than rewarded. On Thursday it was consolidated on the throne as the most valuable automaker in the world by market capitalization, ahead of Toyota, after another day of euphoria on Wall Street.

The Model Y versus the Model 3, its best-selling car today

In that decade, the return on investment has been enormous, 7,105%. That is to say, that 1,000 dollars then deposited in TSLA -the symbol under which it is listed on the Stock Market- are worth today 71,058 dollars. Its $ 1,208 per title, at the end of the last session, give it a value of $ 224 billion, well above the $ 204 billion of Toyota, which for years dominated that classification.

The difference in volume between the two is still brutal. Toyota sold more than 10 million vehicles last year, and Tesla stayed at 367,500. But the incredible history of progress of the Californian brand is unrivaled, with 50% growth between 2019 and 2018. In the New York parquet it seduces millennials and veteran investors alike. It is perceived as a technological company and not as a simple automotive company, with options to dominate the autonomous vehicle market thanks to the software it has developed that gives them a clear advantage over their competitors.

First Model 3 units manufactured at its China plant

In the background, the ambition of being one of the largest generators of energy in the world, with a fleet of cars that does not stop growing and the solar panels that it wants to install in millions of homes on the planet. Its figures in this segment have been growing slowly but surely.

the Chinese refuge

At the moment their most visible leg, that of electric cars, has catapulted them into the Stock Market. Its last acceleration came from the hand of the numbers of deliveries in the second quarter. They were better than expected. The 90,650 cars sold far exceeded the 72,000 analysts expected for the pandemic.

Tesla has managed to offset losses in the US by speeding up production in Shanghai to establish itself in the world's largest electrical market where it has also launched a competition to design a cheaper car. And in 2021, Berlin will be its first factory in Europe. While GM, Ford and Chrysler have announced that they expect to sell 30% less in the US, Tesla has improved its numbers 5% compared to the previous quarter.

The question now is how far their titles can go and if such value is sustainable. A year and a half ago, with the drop in sales at the beginning of 2019 and an unsustainable pace of spending, the voices that spoke of the bubble prevailed and predicted a black future. Today there is more optimism after having left behind a large part of the doubts. Production has stabilized, the flow of capital is positive, Musk has abandoned his idea of ​​privatizing the company, and the growth rate in Asia and Europe is promising.

"If you go back a year and a half, the question was whether these guys could do it with the kind of capital they needed to operate," Joseph Osha, an analyst at JMP Securities told The New York Times. "The question has dissipated."

Dan Ives, of the investing firm Wedbush Securities, believes that the securities could reach $ 2,000 before the end of 2020. That is, 66% more after having starred in a rise of 189% so far in 2020, as if the coronavirus had never happened.

Against it, there are analysts who doubt that it can maintain the rate. Although the last three quarters have chained benefits - something unprecedented in the company - doubts persist about its past quarterly losses. It is one of the reasons why Tesla does not yet belong to the S&P 500 index where the great titans of the New York parquet are listed. It seems a matter of time.

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