{"id":71813,"date":"2024-07-05T23:00:15","date_gmt":"2024-07-05T23:00:15","guid":{"rendered":"http:\/\/guid_108002109"},"modified":"2024-07-05T23:00:15","modified_gmt":"2024-07-05T23:00:15","slug":"tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week","status":"publish","type":"post","link":"https:\/\/wp.timesamerica.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":"\n<div><img decoding=\"async\" src=\"https:\/\/wp.timesamerica.net\/wp-content\/uploads\/2024\/07\/tesla-shares-wipe-out-loss-for-the-year-with-27-rally-this-week.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"RelatedQuotes-relatedQuotes\" id=\"RegularArticle-RelatedQuotes\">\n<div class=\"RelatedQuotes-quotesContainer\">\n<div class=\"RelatedQuotes-titleAndTime undefined\">\n<p class=\"RelatedQuotes-text\">In this article<\/p>\n<\/div>\n<ul class=\"RelatedQuotes-list\">\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">TSLA<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"RegularArticle-WatchlistDropdown\" data-analytics-id=\"RegularArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<\/ul>\n<\/div>\n<div class=\"RelatedQuotes-cfaButtonContainer\"><button id=\"ArticlePageTickerCreateAccountButton\" class=\"CreateFreeAccountButton-buttonContainer\"><span class=\"CreateFreeAccountButton-buttonText\"><span>Follow your favorite stocks<\/span><span class=\"CreateFreeAccountButton-buttonTextBold\">CREATE FREE ACCOUNT<\/span><\/span><\/button><\/div>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107431215\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\" style=\"padding-bottom:55.55555555555556%\">\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">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.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Marc Piasecki | Getty Images<\/div>\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<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\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\"><\/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<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\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\"><\/div>\n<div class=\"group\">\n<p><em><br \/><\/em><\/p>\n<\/div>\n<div id=\"ArticleBody-MobileAdhesion\" class=\"MobileAdhesion-container\" data-module=\"mps-slot\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":71814,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-71813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bussiness","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/71813"}],"collection":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/comments?post=71813"}],"version-history":[{"count":0,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/71813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media\/71814"}],"wp:attachment":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media?parent=71813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/categories?post=71813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/tags?post=71813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}