Over the past five days, Tesla’s (NASDAQ: TSLA) stock has increased more than 4% and is up 54% over the past 12 months. Shares have been a little volatile over the past six months but many experts are expecting the stock to surge as its India launch nears.
Tesla expands into India
On Monday, Tesla was given the nod of approval from Indian officials so the automaker can launch four of its vehicles in the country. This means that the company can bring its Model 3 and Model Y’s to Indian dealerships as they are now deemed to be roadworthy by the local government.
This marks a significant step in Elon Musk’s global expansion plan as India, with its massive population, represents a big opportunity for Tesla. Sales could skyrocket if the brand proves popular in the region.
Musk has been eager to get approval in the country for several years, and with this over the line, Tesla is now closer to becoming a global brand. The move will likely push some of its competitors in the EV space to consider launching in India too.
Is Tesla stock a buy right now?
With growing scrutiny from U.S. regulators over the safety of its autopilot features, confirmation that Tesla’s vehicles are roadworthy is great news for the stock. Despite the ongoing investigations into Tesla’s cars, Musk announced last week that the company’s next version of Full Self Driving beta software would be released to the wider public in around a month. This news could also be fueling bullish sentiment over the stock.
In other Tesla news, the company also recently announced its intentions to enter the Texas utility market. Selling electricity services directly to customers will provide the firm with additional revenue. When it rolls this out, investors should expect the stock to bounce.
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Financial Writer at MyWallSt
Nicole's favorite stock is Etsy because she loves its original and handmade items. She believes people are going to stop buying mass-produced items and start purchasing ‘one of a kind’ fashions and furnishings. In a world of sameness, Etsy has the advantage.