Investing
Tesla’s S&P 500 Entry Has Market Seeking Next EV Cult Stock
- Elon Musk’s electric-car maker is now worth $419 billion
- China seen as the next frontier for e-mobility companies
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The ardent believers in Elon Musk’s vision have been rewarded handsomely as Tesla Inc. transformed itself from a money-losing startup into one of the biggest companies in the S&P 500.
Now investors are turning their attention toward smaller electric-vehicle companies in the hopes that they too might develop the sort of cult following that helped push Tesla’s market value to $419 billion, more than that of General Motors Corp., Volkswagen AG and Toyota Motor Corp. combined.