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Tesla up 20% after Panasonic posts first quarterly profit at battery business – Source Reuters Tech News

TOKYO/SAN FRANCISCO (Reuters) – Tesla Inc’s stock surged 20% on Monday in its largest one-day gain since 2013, fueled by a quarterly profit at Panasonic’s battery business with the U.S. car maker and an investor report predicting its shares would rise more than ten-fold by 2024.

FILE PHOTO: The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus/File Photo

Shares of Tesla have rallied by over 30% since the car maker run by Chief Executive Elon Musk posted its second consecutive quarterly profit last Wednesday, which was viewed as a milestone for the company competing against established heavyweights including General Motors Co and BMW.

The stock is up over 300% since early June, helped by Tesla’s better-than-expected financial results and ramped up production at its new car factory in Shanghai.

Monday’s rise came after Panasonic Corp reported the first quarterly profit in its U.S. battery business with Tesla, which…

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Source Reuters Tech News

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