Tesla starts selling cars in Saudi Arabia on Thursday, a country where on a 900-kilometre (559 mile) stretch of its main east-west highway linking the capital Riyadh and the holy city of Mecca there isn't a single charging station.
Tesla (TSLA -5.28%) stock has moved in so many directions over the last few years, it's been hard to keep up. Between Jan. 1 and Oct. 31, 2024, Tesla's share price return was less than 1%.
Investors hope the EV maker's CEO can get the president to soften his tariff policies.
Elon Musk has lashed out at Donald Trump's trade adviser Peter Navarro, calling him a “moron” and “dumber than a sack of bricks” in a heated exchange on X, the social media platform owned by Musk. The clash followed comments from Navarro, who dismissed Musk as merely a “car assembler” whose Tesla vehicles rely heavily on parts sourced from countries such as China, Japan and Taiwan.
A Tesla Supercharger station was damaged in Lacey, Washington, on Tuesday, according to local police and the Federal Bureau of Investigation.
Shares of techology giants bounced amid optimism the US may negotiate tariff adjustments with other nations, led by chipmaker Nvidia Corp (NASDAQ:NVDA, ETR:NVD) which added 5.9% at about $103. Tesla Inc (NASDAQ:TSLA) gained 5.5% while Microsoft Corp (NASDAQ:MSFT) added 2.9%.
Tesla, Inc.'s valuation has depreciated significantly in light of weak auto demand, CEO Elon Musk distraction, and tariff disruptions in recent months. But Tesla's current price already reflects worst-case growth risks, offering favorable upside prospects even in a conservative scenario that captures the anticipated impact of economic deterioration and other company-specific headwinds. There are also multiple imminent upside catalysts in place for TSLA stock that shouldn't be overshadowed by ongoing market fears and tariff uncertainties.
The broader market is feeling the heat, too, with the S&P 500 continuing to whipsaw and briefly dipping to a new 52-week low amid intensifying fears around tariffs, trade wars, and geopolitical volatility.
TSLA's in-house 4680 batteries are now the lowest in cost per kilowatt-hour (kWh) among its supply chain partners.
Coming into Tuesday trading the shares lost 17.5% over the past three trading sessions, which followed President Donald Trump's “Liberation Day.”
Prices for used Teslas are falling faster than those of other electric vehicles in both the US and UK, but analysts suggest the trend is being driven more by a wave of ex-lease vehicles than by political backlash against Elon Musk, according to a report in the Financial Times. In March, second-hand Tesla prices in the US fell 7% year-on-year, compared with a 1.5% drop across other electric car brands, according to CarGurus.
Elon Musk made a direct appeal to US President Donald Trump over the weekend to roll back new tariffs, but the effort was unsuccessful, according to a report in the Washington Post citing two unnamed sources. The intervention marks a rare public disagreement between Trump and Musk, a close adviser to the president.