Tesla’s shares saw an increase on Thursday, rising by 1% in early trading following a 0.5% gain the previous night, closing at $196.60. This growth coincided with updates on earnings from electric vehicle rivals Rivian and Lucid Group.
Market Trends
- The Nasdaq Composite and S&P 500 experienced gains of 2% and 1.2%, respectively.
- On the other hand, both Lucid Group and Rivian Automotive faced declines, with Lucid down by 8.4% and Rivian off by 14.4%.
- While Lucid’s fourth-quarter results exceeded expectations, its production forecast for 2024 fell short. Similarly, Rivian reported weaker-than-expected earnings and lower 2024 production estimates.
- Other players in the electric vehicle market also saw movement in their stock prices: NIO rose by approximately 1.2%, BYD traded flat in Hong Kong, Ford increased by 0.6%, and General Motors stock was up by 0.6%.
Market Performance
- The S&P 500 index closed at 4981.80 on Wednesday, posting a 0.1% gain, while the Dow Jones Industrial Average finished with a 0.1% increase at 38,612.24.
- Only the Nasdaq index ended lower, by 0.3%.
- Tesla’s current stock price is significantly below its 52-week high of $299.29, reached last summer.
- Trading volume stood at 103.84 million, slightly below the 65-day average volume of 112.5 million.
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