Tesla’s share price performed extremely well last week, closing at USD 261. With a positive percentage change of 4.5% over the past week and around 5% over the past 30 days, a steady upward trend is emerging. Both fundamental and technical factors are at play. The 200-day average, an important indicator for long-term analysis, is rising and the share price is moving above it. The 100-day and 38-day averages are also rising.
China expansion: a calculated risk?
Tesla continues its expansion plans in China with a new lease for a huge sales and service centre in Shanghai. The 8,000 square metre complex will be located in an industrial park in the Pudong district and is expected to open in mid-2024. The move follows reports that the company is considering closing some of its showrooms in more expensive shopping centres.
- Tesla shares close at $261
- GD200 at 208 USD and rising
- GD100 at 246 USD and also rising
The strategic focus of Tesla shares
The company, which already has nearly 300 stores in China, plans to focus more on lower-cost suburban stores that can also provide repair services. Efforts are underway to improve customer service to meet CEO Elon Musk’s ambitions. Tesla shares could benefit from such a shift in strategy, especially if the company becomes more efficient.
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Conclusion and outlook for Tesla stock.
In conclusion, Tesla shares continue to be supported by bullish trends. Expansion plans in China and strategy changes could put the company in an even stronger position. However, investors should keep an eye on geopolitical risks and regulatory challenges in China.
- Overarching trends are bullish
- Expansion planned in China
- Focus on customer service
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