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Tesla Inc. (TSLA) stock is rising in the Pre-market; here is why?
Tesla Inc. (NASDAQ: TSLA) stock is currently on the rise in the pre-market after announcing its first-quarter results. TSLA stock is trading at $1,020, gaining more than 1% from the previous close. TSLA stock closed at $1,008.78 with a trading volume of 23.89 million shares.
Global Electric Vehicle Industry Dynamics
Tesla Inc. (NASDAQ: TSLA) is an electric vehicle manufacturing company having the largest market share in the global electric vehicles industry. Tesla has seen a massive demand for its electric cars over the past years. The company has a market cap of over 1 trillion US dollars.
As the world moves towards adopting green energy, the demand for electric vehicles has also seen a massive increase. Electric Vehicles have attracted consumers on other factors such as their outer perform conventional cars regarding carbon emissions, maintenance, and fuel efficiency. Other factors related to experience are smooth ride, less engine noise, and ease of charging at home. Although electric cars do not need engine oil changes, they are more costly than their gasoline-powered competitors.
Statistics show that the worldwide electric vehicle industry was worth $185 billion in 2021. With a compound annual growth rate (CAGR) of 24.5 percent predicted for the projected 2022-2028, it is estimated to reach $980 billion by 2028.
TSLA: Q1 Highlights
Conclusion
The electric vehicle market is witnessing a huge boom, and the 81% rise in its yoy revenue is proof of it. Tesla has achieved record sales in one quarter, and investors are excited about this increase.
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