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Added on the 25/05/2020 09:01:33 - Copyright : Auto Moto EN
Luxury car brand Rolls-Royce Motor Cars reports record sales for 2014 and a fifth consecutive year of growth. Ciara Lee reports.
Washington, May 22 (EFE).- The development and production of batteries for electric vehicles goes beyond a race between automobile companies and has become a matter of State for the US in its dispute with China for world hegemony.
Odd Andersen/AFP via Getty Images Tesla had set a goal of 500,000 deliveries for 2020. On Saturday, it announced it missed the target by 450 vehicles. Some analysts had said the ambitious target could be tough to reach because of a slump in auto sales during the coronavirus pandemic. The company reached its production goal for the year, making a total of 509,737 vehicles. It also said production of its mid-size SUV, the Model Y, has begun in Shanghai. Consumers cut back spending on cars during the pandemic and Tesla's sales in the first half of 2020 dropped 15% from the second half of 2019.
On Tuesday, Tesla stock gained 5%. According to Business Insider the S&P 500 Index Committee decided to add Tesla stock to the index all at once on December 21. Tesla's large market valuation is more than $500 billion. The committee had considered either adding Tesla stock to the index in stages, or doing it all at once. The committee's decision to add Tesla stock to its index in one fell swoop will create unprecedented demand for Tesla stock. Trillions of dollars in funds tied to the S&P 500 are forced to buy the electric vehicle company.
On Thursday, lGoldman Sachs said large-cap mutual funds are on the verge of fueling a massive rally for Tesla shares. Business Insider reports that Tesla is set to join the S&P 500 on December 21 as one of its 10 most valuable members. Of the 189 large-cap core funds tracked by Goldman, 157 funds managing roughly $500 billion don't yet hold Tesla stock, the bank said. Goldman says some funds may aim to hold Tesla at benchmark weight when it joins the index. If so, Goldman said, funds will buy about $8 billion worth of shares soon after the automaker's inclusion.
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