TOKYO/SEOUL (Reuters) – Shares of Tesla Inc surged 15% on Tuesday to hit the $900 mark, extending a stunning rally that has more than doubled the company’s market value since the start of the year as more investors bet on Chief Executive Elon Musk’s vision.
The latest surge was partly fueled by Panasonic Corp saying on Monday its automotive battery venture with Tesla was in the black for the first time.
Some analysts have attributed the rally to short covering as well. Short interest in Tesla stood at 13.8% as of Jan. 30, according to Refinitiv data.
