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Tesla Surges to All-Time High on Record China Sales, Goldman Sachs Raises Price Target

Dec 11, 2024, 02:51 PM

Tesla Inc. has set a new sales benchmark in China for November, delivering 78,856 vehicles, marking a 15.49% increase from October. This surge contributed to the company's stock reaching a new all-time high, surpassing its previous peak of $410 from November 2021. The positive sales figures in China, coupled with Goldman Sachs raising its price target to $345 from $250, citing long-term opportunities in Full Self-Driving (FSD) technology and robotics, have bolstered investor confidence. Tesla's shares rose 3% overnight, trading at $410 in pre-market, reflecting optimism around robotaxis and next-generation technology. Meanwhile, China's auto sector reported robust growth in November, with new energy vehicle sales reaching 1.51 million units, up 5.7% from the previous month and 47.4% year-over-year.