Tesla shares finally snap record 13-day win streak that added $200 bln in value

Tesla ended its 13-day streak of gains, during which it added over $200bn to its value. Tesla’s market capitalisation rose to approximately $814bn, surpassing the value of Japan’s Toyota as Tesla’s shares rose by 40%. Tesla’s charging system was adopted by US automakers Ford and General Motors, sparking off the rally. Tesla’s forward price-to-earnings ratio far exceeds any other automaker at around 62, compared to Ford’s 8.2 and GM’s 5.6. Despite the rally’s end, Tesla’s stock price is sitting 28% higher than Wall Street’s median target of $200.

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