- After a dismal start to the year, Tesla’s stock has rallied sharply and wiped out its loss for 2023.
- Tesla shares closed on Friday at $251.55, capping a 27% gain for the week.
- On Tuesday, the automaker reported second-quarter vehicle deliveries that topped Wall Street estimates.
Tesla’s
stock price rose enough on Friday to wipe out its loss for the year and bring its gain for the week to 27%.
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.
The latest rally was sparked by a better-than-expected deliveries report 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.
In April, Tesla shares hit a 52-week low after a string of troubling developments. Sales in the core automotive business fell in the first quarter, the company downsized through sweeping layoffs and there were reports that Tesla had scrapped plans to soon produce a low-cost family car at its Texas factory.
Tesla is set to deliver second-quarter financial results after the bell on July 23. Automotive gross margins are likely to be in focus.
www.cnbc.com/2024/07/05/tesla-shares-wipe-out-loss-for-the-year-with-27percent-rally-this-week.html