Electric & Autonomous Vehicles News - 02/12/2020 - Views: 210
Tesla Is No Longer Just An Alternative To Gasoline
The main selling point of Tesla cars has always been that they are electric, powered by batteries which are charged from the grid. Tesla owners do not fuel their cars at the gas pump, of course. So, it would make sense that the prospects for Tesla as a firm would rise when oil (and thus gasoline) become more expensive, and vice versa. 2020 has shown conclusively that this is not the case. Tesla is no longer identified as a car company that does not use gasoline.
Since the start of 2020, Tesla stock has risen from about 430 to about 775. That is a jump of almost 80%—in less than one and a half months. In the same time period, the price of oil has fallen, largely due to Coronavirus and other demand fears. The U.S. oil bench-mark, WTI, has fallen from about $61 to about $51 in that time frame, often going below $50. That is a cumulative drop of more than 16%.