Tesla Stock Is Surging Today: What's Going On?

Tesla Inc TSLA shares are trading higher Wednesday. Here's a look at what's going on. 

What To Know: Tesla shares are bouncing back after trending lower to start the week on the back of weak production and delivery numbers. 

Tesla said it produced 430,488 vehicles in the third quarter, down from 479,700 in the second quarter. The EV maker delivered 435,059 vehicles in the quarter, down from 466,140 in the previous quarter. 

Tesla said the lower production numbers were due to planned downtimes for factory upgrades. The company noted that its 2023 volume target of around 1.8 million vehicles remains unchanged.

Tesla may also be benefiting from ongoing United Auto Workers strikes at Detroit's big three automakers. The strikes have continued well beyond what most originally thought. As the UAW continues to expand its strikes, the automakers continue to respond with more and more layoffs. Strike-related costs and the potential for wage increases are both seen as positives for Tesla. 

Check This Out: Tesla Bull Shrugs Off Current Phase As 'Pause Into Next Phase Of Growth Story,' Calls UAW Strike A 'Win-Win' For EV Maker

What Else Is Going On: The long-awaited Cybertruck could be getting closer to an official launch. New reports indicate the futuristic-looking EV truck was spotted being tested in Mexico with new accessories.  

Images of the Cybertruck towing a SpaceX rocket vacuum also circled on X this week, showing off towing capabilities and building more excitement around the vehicle. 

Tesla also announced on X that a more affordable rear-wheel drive version of the Model Y is now available, "starting at $32,890 after $7,500 federal tax credit & estimated gas savings," the company said.

Tesla is set to report third-quarter financial results after the market close on Oct. 18. The EV company is expected to report quarterly earnings of 80 cents per share on revenue of $24.79 billion, according to estimates from Benzinga Pro.

TSLA Price Action: Tesla shares were up 3.91% at $256.15 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Tesla.