Tesla Soars, Fueled by New Breakthroughs

Image credit: Tesla

It was a strong week for Tesla, strengthening its position. Its market cap surpassed $1 trillion, leading to billions in losses for short sellers—that and more from the Tesla universe in today's roundup with Jowua.

Tesla surpasses $1 trillion valuation, short sellers lose billions

Last week, Tesla became a company with a market capitalization of more than $1 trillion for the second time in its history. Following Donald Trump’s re-election as president, the stock began to soar. Numerous investment firms began to revise their price targets and forecasts for Tesla’s future.

While loyal investors continue to celebrate, short sellers continue to book losses. The latest rally has left short sellers with losses exceeding $5 billion, according to S3 Partners.

Tesla produces 1,000 Powerwalls at Giga Nevada per day

Home energy storage systems continue to gain popularity, and demand for them is growing rapidly. Tesla is continuing to ramp up Powerwall production to keep up. The company announced that it has ramped up production at Giga Nevada to 1,000 Powerwalls per day.

Tesla Giga Berlin celebrates 5th anniversary of its announcement

Tesla's German factory is a major part of the company's plan to expand its reach. Giga Berlin has been steadily ramping up production and has already produced over 400,000 Model Ys since production began in the spring of 2022. The factory was announced on November 12, 2019, and Tesla celebrated its 5th anniversary this week.

Cybercab spotted driving at Giga Texas

Last month, Tesla unveiled a new vehicle that has no traditional controls. With no steering wheel, pedals or side mirrors, the vehicles drove event guests, blowing their imaginations. Now, Cybercab has been spotted driving around Giga Texas, going quite fast compared to the speeds the cars were traveling at the event. Since Cybercab has no traditional controls, it was likely driven by the new FSD software, possibly with an engineer inside who could intervene if necessary.

Court upholds the verdict clearing Elon Musk and Tesla over 2018 “funding secured” tweet

In February 2023, a jury found Tesla and its CEO Elon Musk not guilty and did not mislead investors with a tweet about taking the company private. However, investors demanded a new trial. Their arguments were heard, and a judge on the U.S. Court of Appeals for the 9th Circuit upheld the jury’s verdict. This puts an end to the investors' years-long battle against Tesla and Musk.