Shares of electric-vehicle giant Tesla, Inc. TSLA could build on its Wednesday’s gains as they are solidly higher in premarket trading even as futures point to a nervous start for Wall Street stocks.
In premarket, the stock rose 2.01% to $223.82, according to Benzinga Pro data. This comes on top of the 4.18% jump on Wednesday when the stock weathered the broader market downturn. The upside in part may have been due to the relative attractiveness of the stock from a valuation perspective.
So far this year, the stock has lost about 12% compared to the 15.7% gain for the S&P 500 Index.
On Thursday, the stock could be buoyed by Tesla giving a timeline for launching its full self-driving technology in Europe, and China, one of the company’s key markets.
Tesla AI unit released on X the roadmap for its projects and products, which showed that September will see FSD coming to Cybertruck. The electric pickup truck would also get an auto park feature by this timeline. The company also hinted that the FSD will go live in Europe and Asia by the first quarter of 2025, contingent on receiving regulatory approval. International FSD rollout is a tall order, given the kind of data and testing the company needs in these geographies and the difficulty in getting the regulatory nod.
An approval could mean a windfall for Tesla as it can reap in high-margin recurring revenue by selling the FSD package.
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Traders also discussed on social media positive technical trends for the stock.
Wolfe Research analyst Emmanuel Rosner on Wednesday assumed coverage of the stock with a Peer Perform rating.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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