MSCI Inc. (MSCI) has announced that Tesla Motors, Inc. (NASDAQ:TSLA) will be added to its MSCI World Index from Aug 30, 2013. The index covers more than 1,600 large and mid cap stocks trading in 24 developed markets.MSCI will also add accessory, clothing and footwear company, Michael Kors Holdings Limited (KORS) to the MSCI World Index. These additions are part of the Aug 2013 Quarterly Index Review for the MSCI Equity Indices.
Tesla designs and manufactures electric vehicles and electric vehicle power train components. The company sells these components to various partners including Toyota Motor Corporation (TM). The stock debuted in the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index on Jul 15 this year.
The stock of decade-old Tesla has recorded massive gains this year. The year-to-date return of the company is an astounding 312%.
However, the rapid price surge is also supported by Tesla’s improving operating performance. The company posted its first-ever quarterly profit, on an adjusted basis, in the first quarter of 2013. It posted profit on an adjusted basis in the second quarter of 2013 as well.
Tesla is making efforts to increase its income. Earlier this year, the company announced its plans to enter the world’s biggest market – China.
Tesla is also launching a new SUV – Model X – in 2014. The model scores high on style, with Falcon Wing doors, premium interior surfaces, panoramic glass and Tesla Touchscreen installed in the dashboard. It also boasts zero tail-pipe emission and offers a 60 or 85 kWh battery.The car will have an optional Dual Motor All-Wheel Drive, which will make it the fastest SUV, with acceleration from 0 to 60 mph in less than 5 seconds.
Tesla is also gaining from rising demand for Model S. The company expects to deliver over 5,000 Model S vehicles in the third quarter of 2013 and 21,000 vehicles globally in 2013.
This article is brought to you courtesy of Zacks.
Related ETF: iShares MSCI World ETF (NYSEARCA:URTH).
Related ETF: Market Vectors Global Alternative Energy ETF (NYSEARCA:GEX)
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