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TSLA Stock Jumps 5% on Tuesday as Tesla Plans Expansion to India

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Tesla is planning to expand its operations in Asia’s second-largest economy and has already registered an office in India. The company is likely to start manufacturing its cars already in 2021.

After an 8% correction on Monday, Tesla Inc (NASDAQ: TSLA) stock bounced back on Tuesday rising nearly 5%. On Tuesday’s closing hours, the TSLA stock was 4.72% up trading at a price of $849 with its market going back above $800 billion. All this happened amid teh talks on the expansion of Tesla to India. Today in the pre-market, the stock is 0.35% down.

Tesla is initiating a series of measures for its global expansion. One of its biggest moves scheduled in 2021 is its entry into India. On Tuesday, Tesla registered its Indian entity “Tesla India Motors And Energy Private Limited” in India tech-hub Bengaluru, Karnataka. The company has currently appointed three directors – David Jon Feinstein, Vaibhav Taneja and Venkatrangam Sreeram, reports Economic Times.

Details of Tesla Plans to Expand to India

Tesla is still looking for its manufacturing facility and is currently in talks with the governments of five different states. The Bangaluru office will be Tesla’s R&D division for the region. Reportedly, Tesla is in talks with Indian automaker Tata Motors in a deal of contract manufacturing of Tesla vehicles. Tata Motors owns some of the biggest and prestigious international brands like Jaguar and Land Rover.

India’s local news publication TOI wrote:

“Tesla has been searching for an Indian manufacturing partner and settled on Tata after its due diligence process concluded that the Indian company had the best electric-vehicle infrastructure among the country’s major automakers. Tata’s Nexon EV is India’s best-selling electric vehicle”.

Tesla’s Chinese Rival NIO’s New Sedan Fails to Impress

Another reason behind Tesla’s rally on Tuesday was that the new sedan introduction by its Chinese rival NIO failed to impress analysts. NIO unveiled its first sedan model ET7 which is likely to hit the streets by 2022. Citi analyst Jeff Chun said that it is “good but not enough to make any critical changes from Tesla’s challenge”.

The NIO ET7 goes on to copy the Tesla Model S in terms of design. The Citi analyst said that a potential design overhaul would rather help it get a distinct recognition.

Having gained unprecedented growth in valuations, Tesla is now making moves to expand its market share. Although it is the largest automobile company, its rivals still manage to sell more cars. Thus, the next big mission for Tesla is to expand its production and bring more fleets of cars into the market. Tesla is also working on its new gigafactory in Germany to scale European operations.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Early CryptoPunk Digital Collectible Sells for $762K in Ether

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Some rudimentary pixel art just sold for 605 ETH, or $761,889 at purchase.

FlamingoDAO, a decentralized autonomous organization (DAO) for investing in digital collectibles, is behind Saturday’s eye-popping CryptoPunk sale. Only nine such “Aliens” exist in the CryptoPunk universe, which pioneered non-fungible tokens (NFTs) in 2017 and are the “Holy Grail” for an emerging class of Ethereum-based art collectors.

FlamingoDAO community representative Priyanka Desai told CoinDesk it was by far the collective’s most expensive piece to date.

“I showed my mom and she was like, ‘What???’” Desai said in a phone interview.

Flamingo is a fund with roughly 40 members and 4,800 ETH in pooled capital, Desai said. It has “hundreds” of NFTs in its growing collection including rare Autoglyphs, NBA Top Shot cards and land plots in various metaverses.

Flamingo’s decision to act on this rare opportunity “was whipped together within 25 minutes,” mostly via Discord, Desai said.

“It’s understandable for folks to be skeptical about NFTs, but in our view, NFTs are the future of not just digital art, but all digital property,” FlamingoDAO said in a statement. “It’s the tip of a very large spear.”

A prominent decentralized finance (DeFi) personality, @0x_b1, was one of the counterbidders who lost out on CryptoPunk 2890. In a tweet, @0x_b1 said they had valued the CryptoPunk at roughly $1 million.

The CryptoPunk in question last sold in July 2017 for 8 ETH, or $2,127 at the time. That represents a 75x return on investment in ETH terms (and even greater in USD).

“People see it as a collectible that is pretty significant in the history of NFTs,” said Desai.

Options for realizing a return on the investment are still to be determined by DAO members, Desai said. Aside from future appreciation or its possible financialization, “There’s also this notion of Flamingo wanting to build galleries in different metaverses for putting this and other pieces on display,” she said.



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Valkyrie Digital Assets Files for Bitcoin ETF

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Valkyrie Digital Assets filed an application on Friday for a bitcoin exchange-traded fund (ETF), becoming the second company to do so in a month.

According to Dallas-registered Valkyrie Digital Assets, the Valkyrie Bitcoin Trust would be listed on the New York Stock Exchange and Coinbase Custody Trust Company, LLC would serve as the custodian for the proposed ETF.

Leah Wald, CEO of Valkyrie Digital Assets, told CoinDesk, “Our executive team has previously launched multiple ETFs, publicly traded funds, and ETPs, including bitcoin funds.”

Wald explains the team behind the ETF includes, “Steven McClurg and John Key who have collectively worked on over 100 esoteric and novel deals that have passed regulatory scrutiny.”

While an ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft, over the years the U.S. Securities and Exchange Commission has rejected bitcoin ETF proposals due to concerns about market volatility and industry manipulation. 

Still, there’ve been signs the SEC is warming to the idea. In October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Now, with a new administration causing a changing of the guard at the SEC, it is widely hoped by crypto advocates that such an ETF will be approved in 2021. Clayton stepped down officially last month and was replaced by Gary Gensler, who is widely seen as being more pro-crypto than is his predecessor.

Also adding to optimism is this month’s departure of Dalia Blass, the director of the SEC’s division of investment management. Blass was the author of a 2018 letter within the SEC expressing concerns that the bitcoin market was not large enough or liquid enough to be ready for an exchange-traded product.



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Another Pro-Crypto Appointment in the Biden Administration?

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Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.

This episode is sponsored by Nexo.io.

On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.

Image credit: Chip Somodevilla/Getty Images News



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