Canada has banned cars made by Elon Musk's Tesla from future electric vehicle rebate programs as the country engages in a tit-for-tat trade dispute with President Trump, the country's transport minister Chrystia Freeland said.
Canada froze rebate payments for Tesla in response to US tariffs and concerns about program abuse. Its transport minister said Tesla would remain ineligible as long as US tariffs are in place.
Shares of Tesla Inc. NASDAQ: TSLA have staged a remarkable rally over the past two weeks, climbing more than 30% after losing over half their value since December. At $288 as of Tuesday night, the stock has begun to claw back ground that many feared was permanently lost.
Canada has suspended all electric vehicle rebate payments to Tesla Inc (NASDAQ:TSLA) and barred the company from future federal EV incentive programmes, citing concerns over US trade actions. Transport Minister Chrystia Freeland said no funds would be released until each claim is individually verified.
Tesla stock is testing its 200-day line after reclaiming that key level Tuesday. Canada excluded the EV giant from rebates amid the Trump trade war.
Tesla, Inc.'s previously stated goal of 20M annual vehicle deliveries will likely never come to fruition, at least not in the next couple of decades. While this is certainly a blow to the bull thesis, investors should consider its newest, growing products: FSD software and energy infrastructure. I am certainly bullish on these lines of business, especially as a user of Tesla's FSD software and an observer of the growth of its energy business.
The biggest thing Tesla (NASDAQ: TSLA) stock gave to its investors in the last 30 days of trading has been an emotional rollercoaster. First, TSLA shares dropped nearly 25% between late February and March 10, only to enter a period of volatility and, in the most recent sessions, to rally nearly 28% in a week.
Tesla Inc. (NASDAQ: TSLA) sales in Canada have risen steadily for several years and hit 46,000 last year.
TSLA CLOSES AT THE HIGH OF THE DAY AFTER CLIMBING ALMOST 11 POINTS
Zach Kirkhorn has taken a board seat at Jolly, which is led by a former Tesla intern.
While Tesla (TSLA 3.48%) stock might feel overvalued, shorting the popular stock is not worth the risk.
Tesla Inc (NASDAQ:TSLA) is set to launch in Saudi Arabia next month, with an event scheduled in Riyadh on April 10, marking its entry into the Gulf region's largest market. While Tesla already operates in other Middle Eastern countries, this will be its first foray into the kingdom.