Tesla
(NASDAQ: TSLA)
mentioned a rather underwhelming first-quarter performance not long ago, yet shareholders have still been buying up the stock. This trend persisted today, with Tesla’s share price jumping 5.7% by 10:45 a.m. ET.
This provides the stock with an almost 30% return since it released its first-quarter results on April 22.
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It’s all about China
Investors disregarded the weak performance in the initial quarter as the firm mentioned it remained set to introduce its entirely self-driving tech onto streets by June. Furthermore,
CEO Elon Musk
mentioned he would dedicate more of his attention to Tesla and reduce his involvement in his position with the Trump administration in Washington, D.C.
However, there hasn’t been significant positive news for the company’s business operations since then. European sales appear to be plummeting with reports indicating over a 50 percent decrease year-over-year in April compared to previous years across countries like Germany, the U.K., France, Sweden, and Denmark. Despite this, shares of the company have been climbing sharply lately.
In addition to optimism surrounding its
robotaxi launch
Today’s move follows Treasury Secretary Scott Bessent’s planned trip to Switzerland this upcoming weekend.
group-crdo-upgrade-to-buy-discover-why-now” title=”Baca lebih lanjut tentang trade”>trade talks
This morning, White House economic advisor Kevin Hassett stated the following during an interview with CNBC regarding discussions with his Chinese counterparts:
Everything that’s been going on with the meeting in Switzerland is very promising to us. We’re seeing extreme respect, treating both sides with respect. We’re seeing collegiality and also sketches of positive developments.
China represents a vital marketplace for Tesla. The company’s manufacturing facility in Shanghai stands as its biggest and possibly most lucrative one. However, tensions between the U.S. and China might place Tesla in an uncertain situation, particularly when taking into account Musk’s prominent involvement with the Trump administration.
Investors seeing a thaw in the relations between the two powerful countries are eyeing Tesla as a big beneficiary today. Resolution on trade disagreements seems a long way away, though. This weekend may be a start, but the stock running so much higher seems like an overreaction.
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Howard Smith
The Motley Fool holds stakes in Tesla and endorses buying the stock. They also have a position in Tesla.
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