Tesla
stock has had a great year—but a lousy five months and change as it limps into the end of the year.
Tesla stockwas down 1.7%, at $ 248.96, at 12:20 p.m. Friday. While shares have more than doubled this year, the stock has dropped 13% since closing at a 2023 high of $293.34 on July 18. That leaves Tesla about halfway between support around $210 and $200 and resistance near $300. “[The] chart is pointed to test the July ’23 highs near $300 but it will need to break out above said level to endorse it longer-term,” MRA’s John Kolovos wrote in an email.
Here’s what’s happening in the world of Tesla and EVs on Friday:
Fisker Stock Jumps on Deliveries
Shares of beaten down EV maker
Fisker
were trading higher on Friday morning after the company announced that it had produced 10,142 cars in 2023. It also said that it plans to roll out a software update, called Version 2.0, in February 2024, after releasing Version 1.10 in November and 1.11 in December.
Fisker stock was up 10% to $1.665 in premarket trading Friday, though it has dropped 76% during the past three months and is off 29% for the year.
First Tesla Cybertruck Crash Reported
If a new model of car is on the road, it’s only a matter of time until it’s involved in a crash. So no one should be surprised that the first report of a Cybertruck accident appeared, via the Verge, with the headline “First reported Tesla Cybertruck accident results in only ‘minor’ injury.” What the headline leaves out, but the story does not, is that the Cybertruck was “hit by a 2009
Toyota
Corolla driven by a 17-year-old.” Going by personal experience, my best guess is that a Corrola driven by a 17-year-old will almost always be more dangerous than a Tesla.
More on Tesla’s Robot Attack
A lot of digital ink was spilled yesterday on the case of the Tesla robot that injured an engineer at Tesla’s Austin factory. What most of the headlines left out was that the attack occurred in 2021, and was caused by a “Kuka robot arm (found in all factories),” Tesla CEO Elon Musk wrote on X, formerly known as Twitter.
Barron’s Adam Clark and Al Root noted that the accident rate at Tesla’s Austin plant is slightly lower than the industry average. It all appeared to be much ado over nothing.
Clark and Root noted that Tesla’s delivery numbers, due on Jan. 2, will be much more meaningful for the stock.
Tesla’s Good Year
Tesla had a very good year. How good? Good enough to be the 10th best performer in the S&P 500. Here’s how the top stocks rank for the year based on recent prices:
- Nvidia 241%
- Meta Platforms 197%
- Royal Caribbean Group 164%
- Builders FirstSource 159%
- Uber Technologies 153%
- Carnival 133%
- Advanced Micro Devices 132%
- PulteGroup 128%
- Palo Alto Networks 111%
- Tesla 106.9%
One point of note:
Uber
only joined the S&P 500 on Dec. 18.
Another point of note: Barron’s Al Root recommended investors buy Tesla stock on Jan. 6, when shares closed at $113.06. Shares have gained 123% since then.
Write to Ben Levisohn at [email protected]
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