Tesla shares rose earlier on Monday as the stock tried to snap up an irrelevant winning streak.
EV maker shares rose 3.6% in listings to $257.76, while S&P 500 and Dow Jones Industrial Average Futures rose 1% and 0.8%, respectively.
Shares rose 5.3% on Friday, down just $1.27 or 0.5% in a week. This is the ninth consecutive decline of the stock, extending Tesla’s stock’s worst weekly winning streak.
After being elected, the run set some recent drops. From the November 5 election to mid-December, Tesla shares rose from about $250 to $490 per share. Investors believe that the second Trump administration will benefit from automakers, mainly through regulations that promote the introduction of self-driving cars. Tesla plans to launch the Robotaxi service in 2025.
Since the inauguration in January, investors have started to focus more on CEO Elon Musk’s political activities and how they shut down Tesla’s traditional buyers, those who want left-leaning hope green.
Friday’s jump comes after Musk held a meeting for Tesla employees. It would be enough to focus on the responsibility of the automotive companies in Washington, D.C. to investors. “Investors praised the staff’s other efforts during the current media story and cheered Elon’s vision, confidence, spirit and peace.”
The end result of all volatility is roughly flat since the election.
More sales data will move stocks in the coming days and weeks. European Automobile Manufacturers Association’s monthly sales will be released later this week. Tesla’s European sales fell 45% year-on-year in January. Some of the declines can be attributed to the transformation of the model. Tesla is launching a new version of its model Y.
Tesla will then report its first-quarter sales results on April 2. Wall Street is looking for first-quarter sales of 414,000 cars, according to FactSet. However, the latest analyst estimate is close to 360,000. Tesla delivered 387,000 vehicles in the first quarter of 2024.
Write to al root at allen.root@dowjones.com
