Thousands of Norwegian retail investors own more than NOK 1.1 billion (about $118 million) in Tesla shares (NASDAQ: TSLA), says financial firm Nordnet.

Tesla shares are up more than fivefold this year. Mads Johannesen, an investment economist at Nordnet, says that due to such price fluctuations, many Norwegians have shown an interest in TSLA.

He says that over the past two months, the number of the firm's clients holding Tesla shares has increased by 2,000. At the moment, Nordnet reports that the number of these clients is up to 4,600. According to Johannesen, Norwegians consider Tesla shares to be the most valuable in the world and show the highest interest in them.

The analyst believes there are two main reasons for the popularity of Tesla shares in Norway. One of them is that there are about 50,000 Tesla vehicles on Norway’s roads, which means that their owners really love the company, its cars, and focus on clean, sustainable energy. The second reason is probably the company's exciting technology, which the market has praised. Additionally, Tesla has become the largest auto company in the world in 2020 by market value.

An economist at Nordnet, citing statistics, says their clients have particularly stepped up their buying since Battery Day at the end of September. The company has promised a revolutionary new battery technology, and a cheaper car model.

Overall, Tesla was one of the most bought stocks in September, outperforming major Norwegian companies such as Mowi and Aker BP, Johannesen said.

© 2020, Eva Fox. All rights reserved.

_____________________________

We appreciate your readership! Please share your thoughts in the comment section below.

Follow @EvaFoxU 

Legal Disclaimer --

This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.