Net Element (NETE) Buoyed by Investor Interest Within EV Sector as Tesla Gets Included in S&P500
Dec 2, 2020
- Tesla recently illustrated the enthusiasm surrounding the EV sector by becoming the newest entrant to the S&P500 equity index
- Investor interest in the sector has spilled over to Net Element, with one the world’s largest asset managers, Renaissance Technologies taking a 3.2% stake in the company in the third quarter
- A future combined Net Element-Mullen Technologies plans to begin marketing its initial vehicle model, the Dragonfly K50 in 2Q2021.
Late in the day on November 16, Tesla (NASDAQ: TSLA) was named for inclusion in the S&P500 index, making it both the first electric vehicle manufacturer to form part of the group as well as the largest new entrant in the index’s history. Investors responded to the news headline by sending the stock up 8.2% the following day, leading Tesla’s market cap to swell by over $30 billion—a figure nearly equivalent to the entire market cap of consumer product giant Kraft Heinz. Net Element (NASDAQ: NETE), a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer after entering into a definitive agreement to merge with privately-held Mullen Technologies Inc., similarly profited from the market enthusiasm, rising by 25% over the course of the day.
The electric vehicle sector has benefitted from a sharp uptick in investor interest in recent months, as a combination of improving sector fundamentals have coupled with positive news-flow to drive sector returns. The most recent updates came from the United Kingdom, where the British government announced that the sale of new diesel and…
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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