Tesla’s Position in the Automotive Market
Tesla ranks among the top three most traded U.S. automotive stocks just before the second-quarter earnings season, alongside Rivian and Quantumscape, according to a report by Investopedia on Wednesday. Citing a UBS study, these three names lead the list of short positions in the automobile, auto parts, and automotive technology sectors.
Recent Stock Performance
Tesla’s stock value has been fluctuating around the $1 trillion mark since early June. As of Wednesday, Tesla’s shares have dropped 23% year-to-date but increased by 21% over the past 12 months. On Wednesday, Tesla’s stock rose by 3.50% to $321.67, enabling the company founded by Elon Musk to regain its $1 trillion market capitalization.
New Vehicle Launches
Tesla announced the launch of a new Model Y Long Range (L) in China this fall, according to an official Weibo post on Wednesday. The company has applied for a sales license from China’s Ministry of Industry and Information Technology for this new Model Y L with six seats, as reported by various media outlets.
The new model is a larger variant of the Model Y, featuring three rows and six seats along with a wheelbase of 3040 millimeters, according to Carnewschina.com based in Beijing, which cited the filing with Chinese regulators.
Additionally, Tesla opened its first showroom in India on Tuesday, marking the electric vehicle manufacturer’s entry into the country.
The showroom is located in a luxury commercial complex in Mumbai. Tesla will start selling its Model Y at ₹6 million (approximately $69,904) and ₹6.78 million for the long-range version, as reported by AP citing a launch presentation on Tuesday.
The electric vehicle market in India accounted for less than 2% of total automobile sales last year.
Earnings Expectations
Tesla is set to release its second-quarter earnings and revenue on July 23. Analysts predict a 23% decline in quarterly profits and approximately a 14% drop in sales.
Key Questions and Answers
- Q: What is Tesla’s current position in the automotive market? Tesla ranks among the top three most traded U.S. automotive stocks before the second-quarter earnings season, alongside Rivian and Quantumscape.
- Q: How has Tesla’s stock performed recently? Tesla’s stock value has been around the $1 trillion mark since early June. Year-to-date, Tesla’s shares have dropped 23%, but they’ve increased by 21% over the past 12 months.
- Q: What new vehicle launches is Tesla planning? Tesla plans to launch a new Model Y Long Range (L) in China this fall and opened its first showroom in India on Tuesday.
- Q: When will Tesla release its second-quarter earnings and revenue? Tesla is scheduled to release its second-quarter earnings and revenue on July 23.
- Q: What are analysts’ expectations for Tesla’s second-quarter earnings? Analysts predict a 23% decline in quarterly profits and approximately a 14% drop in sales for Tesla’s second quarter.
