What's Going On With Tesla Shares Wednesday?

Tesla, Inc. TSLA stock is trading higher on Wednesday amid recent data from Kelley Blue Book, which ranked some of Tesla’s electric vehicles among the top of its, “10 Best-Selling EVs in 2024” list.

The Details: The automotive research company ranked Tesla’s Model Y and Model 3 as the best and second best-selling electric vehicles. However, Kelley Blue Book noted that Tesla sold about 37,000 fewer cars in 2024 compared to 2023.

Kelley Blue Book attributed the lost ground to more competitors entering the market. Tesla sold approximately 37,000 fewer vehicles; meanwhile, General Motors saw a similar increase in volume.

Tesla’s Cybertruck ranked number five on the best-selling list. Some other vehicles that made the list include Ford’s Mustang Mach-E, Chevrolet’s Equinox and Hyundai’s IONIQ 5.

In 2024, electric vehicles made up 8.7% of all new cars sold, and Kelley Blue Book’s parent company, Cox Automotive, predicts further growth in 2025. The company forecasts that factors such as an improved charging infrastructure could boost electric vehicle sales and account for 10% or more of new cars sold.

Notably, President-elect Donald Trump has stated that he may seek to eliminate the $7,500 tax rebate on electric vehicle purchases, though achieving this would require approval from Congress.

See Also: Breaking Down Lands’ End: 7 Analysts Share Their Views

TSLA Price Action: At the time of writing, Tesla stock is trading 8.04% higher at $428.08, according to data from Benzinga Pro.

Image: via Tesla