Text size
A report on Cybertruck production could be driving the stock’s gains Thursday.
Courtesy Tesla
Tesla
stock is at it again. Sometimes when the stock goes wild finding a compelling explanation can be difficult. The move Thursday, however, seems rooted in the coming Cybertruck. Not everyone agrees with that assessment though.
Tesla
(ticker: TSLA) shares have been on an incredible run recently, up for a 10th consecutive day, rising $10.29, or 4.6%, at $234.86. The
S&P 500
and
Nasdaq Composite
rose 0.6% and 1%, respectively.
The stock was the most active in the Nasdaq 100 Index Thursday, according to Dow Jones Market Data. The Thursday close was the highest since Oct. 6, when the stock closed at $238.13. The 10-day streak has racked up gains of more than 28%. And it’s the longest winning streak since Jan. 8, 2021, when Tesla stock rose for 11 straight trading days.
The shares have risen about 15% in June and 90% for the year. Still, they are off about 43% from record highs of almost $410 a share, levels reached back in November 2021.
But why the rally now? Earnings are long past, second-quarter deliveries aren’t due for weeks. Is it the Federal Reserve pause, the AI rally, or a new Twitter CEO? Maybe. But Cybertruck certainly has something to do with the gains Thursday.
Electrek reported Thursday that Tesla is planning to produce 375,000 Cybertrucks a year. That is simply way more than Wall Street expects. Analysts project less than 100,000 units in 2024 and about 240,000 units by 2027. The 375,000 level is…
..
