Tesla stock on 16/12/2019 moved closer to the previous all-time-high price set back in September 2017, after a positive tax-credit extension news broke-out.
At this current price, Tesla stock is trading at 2019 All Time High!. The stock is up about 99% since June 2019, after FUD were created by Short sellers in an attempt to tarnish the image of the EV maker.
The potential extension for the EV credit has been included by House Democrats in a proposed GREEN Act that aims to deliver a wide range of energy-related tax incentives. It would raise the sales level at which the credit starts to get phased out.
$TSLA doubled since June!— Devadath.P.R (@random_n3rd) December 16, 2019
On the way to 420$ and to 4200s in the next decade as they turn into the $AMZN of sustainable energy & transport. Keep your shorties away if you don't want it to burn! lol pic.twitter.com/jUc1uDVdDH
The current $7,500 EV tax credit, which allows taxpayers to deduct part of the cost of buying an electric car, phases out once an automaker hits 200,000 cumulative EV sales, and both Tesla and GM already have sold more than 200,000 electric vehicles. If the extension gets the green light, there would be a $7,000 credit until a manufacturer hits 600,000 vehicles sold.
The hope that Tesla die-hard fans and interested future buyers can finally have access to a federal tax credit again is boosting the stock towards fresh all-time-high. The newly proposed reform would add an additional 400,000 EV sales with $7,000 in federal tax credit after an automaker hits the initial threshold of 200,000 EV sales.
This is an amazing news for Tesla investors that once lost hope few months ago, until Tesla’s Q3 turned out positive, skyrocket the stock from around $250 above $300 in less than two day.