{"id":25888,"date":"2024-07-06T12:29:54","date_gmt":"2024-07-06T12:29:54","guid":{"rendered":"http:\/\/108002109"},"modified":"2024-07-06T12:29:54","modified_gmt":"2024-07-06T12:29:54","slug":"tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week\/","title":{"rendered":"Tesla shares wipe out loss for the year with 27% rally this week"},"content":{"rendered":"<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107431215\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Elon Musk attends &#8220;Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk&#8221; during the Cannes Lions International Festival Of Creativity 2024 &#8211; Day Three in Cannes, France, on June 19, 2024.<\/p>\n<p>Marc Piasecki | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">Tesla&#8217;s<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> stock price rose enough on Friday to wipe out its loss for the year and bring its gain for the week to 27%.<\/p>\n<p>Shares of the electric vehicle maker closed Friday at $251.55. They ended last year at $248.48, and proceeded to fall as low as $138.80 in April.<\/p>\n<p>The latest rally was sparked by a better-than-expected <span class=\"waslinkname\">deliveries report<\/span> for the second quarter on Tuesday. While deliveries still dropped 4.8% from a year earlier, the falloff was less steep than the first-quarter decline, and gave investors reasons for optimism heading into the second half.<\/p>\n<p>In April, Tesla shares hit a 52-week low after a string of troubling developments. Sales in the core automotive business <span class=\"waslinkname\">fell in the first quarter<\/span>, the company <span class=\"waslinkname\">downsized<\/span> through sweeping layoffs and there were <span class=\"waslinkname\">reports<\/span> that Tesla had scrapped plans to soon produce a low-cost family car at its Texas factory.<\/p>\n<p>Tesla is set to deliver second-quarter financial results after the bell on July 23. Automotive gross margins are likely to be in focus.<\/p>\n<p>Since last year, Tesla has been offering extensive discounts and incentives to attract customers to its aging lineup of EVs, including its popular entry-level Model 3 sedans, Model Y crossover utility vehicles and its more expensive flagship Model S sedans and Model X SUVs.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107404214\">\n<div role=\"button\" id=\"Placeholder-ArticleBody-Video-107404214\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000337980\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/07\/tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week.jpg\" alt=\"Cybertruck owner shares his experience with a stuck accelerator pedal\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>In late 2023, Tesla started selling its angular Cybertruck. A Tesla Cybertruck account on social media site X posted on Thursday that the truck had become the bestselling fully electric pickup in the U.S. in the second quarter.<\/p>\n<p><span class=\"waslinkname\">Ford reported<\/span> sales of its fully electric model, the F-150 Lightning, totaling 7,902 in the second quarter and 15,645 through June of this year.<\/p>\n<p>Tesla did not respond to CNBC&#8217;s request for more information.<\/p>\n<p>Beyond the upcoming earnings report, Cantor Fitzgerald analysts wrote in a note on Tuesday that they expect a marketing event \u2014 Tesla&#8217;s Robotaxi Day \u2014 early next month to be a catalyst for the stock.<\/p>\n<p>&#8220;TSLA has previously disclosed plans for a Robotaxi (or Cybercab), which the company plans to unveil on August 8,&#8221; they wrote. &#8220;Although we don&#8217;t expect this segment to launch prior to 2027, we do expect it to be a meaningful business segment for the company over the long term.&#8221;<\/p>\n<p>Still, Cantor Fitzgerald expects Tesla to deliver fewer cars this year than last. The firm has a price target of $230 on Tesla and recommends buying the stock.<\/p>\n<p>While Tesla has bounced back, it is lagging behind the broader market for the year. The Nasdaq is up 22% in 2024, and the S&amp;P 500 has gained 17%. Tesla is now up 1.2%.<\/p>\n<p>A<span class=\"waslinkname\">&nbsp;recent Axios Harris poll<\/span>&nbsp;found the company is experiencing brand deterioration that is at least partly due to Musk&#8217;s &#8220;antics&#8221; and &#8220;political rants.&#8221; A New York Times survey&nbsp;<span class=\"waslinkname\">out this week<\/span>&nbsp;also said Musk&#8217;s &#8220;polarizing statements&#8221; and &#8220;political activity&#8221; are driving away some &#8220;left-leaning consumers.&#8221;<\/p>\n<p>Tesla is also still years delayed in delivering software that can turn its existing vehicles into self-driving cars. Musk&nbsp;<span class=\"waslinkname\">announced on Oct. 19, 2016<\/span>, that all Tesla cars being produced at that time had the necessary hardware to make them self-driving. But in <span class=\"waslinkname\">late June<\/span>, he said another hardware and sensor setup is on the way to enable that capability.<\/p>\n<p><strong>WATCH:<\/strong> <span class=\"waslinkname\">Tesla deliveries are being &#8216;overanalyzed&#8217;<\/span><\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108001414\">\n<div role=\"button\" id=\"Placeholder-ArticleBody-Video-108001414\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000344766\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/07\/tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week-1.jpg\" alt=\"Tesla deliveries are being 'overanalyzed' by investors, says RBC Capital's Tom Narayan\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk attends &#8220;Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk&#8221; during the Cannes Lions International Festival Of Creativity 2024 &#8211; Day Three in Cannes, France, on June 19, 2024. Marc Piasecki | Getty Images Tesla&#8217;s stock price rose enough on Friday to wipe out its loss for the year &hellip;<\/p>\n","protected":false},"author":1,"featured_media":25889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-25888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25888"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=25888"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/25889"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=25888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=25888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=25888"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=25888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}