Tesla Inc shares surged higher by about 5% to $298.96 on Friday, driven by broader market optimism after the US signed a landmark trade agreement with the UK. The deal, which slashed tariffs on British cars and boosted Boeing aircraft orders, fueled investor confidence this week.
Key Points to Consider
- Tesla’s Friday gains came despite mixed company-specific news for the week.
- The EV giant canceled its $16,000 Cybertruck range extender, citing a shift in product plans.
- The decision follows reports of over 10,000 unsold Cybertrucks in inventory, as Tesla pivots marketing to emphasize utility and offers incentives such as free Full Self-Driving trials.
- House Republicans hinted at eliminating the federal EV tax credit, a move that could hit Tesla and other automakers relying on the $7,500 incentive to drive sales.
- The US Patent Office denied Tesla’s trademark bid for “Robotaxi,” deeming it too generic, even as the company prepares for a limited autonomous taxi launch in Austin.
Market Impact
Despite these hurdles, investors appeared buoyed by macroeconomic momentum this week and optimism around future tax cuts, driving the EV stock higher Friday. The first-quarter sales were up 10.6% year-over-year, indicating a rising EV adoption.
Investing in Tesla
If you’re interested in participating in the market for Tesla, you can buy shares through a brokerage account. Many platforms allow you to buy “fractional shares,” which enables you to own portions of stock without buying an entire share. For example, with Tesla trading at $298.96, $100 would buy you 0.33 shares of stock.
Shorting Tesla Stock
If you’re looking to bet against the company, the process is more complex. You’ll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. Alternatively, if your broker allows you to trade options, you can either buy a put option or sell a call option at a strike price above where shares are currently trading.
Stock Performance
According to recent data, TSLA has a 52-week high of $488.54 and a 52-week low of $157.40. As of the latest update, the stock continues to be closely watched by investors and market analysts alike.