Tesla stock continues its upward trend after a successful week. In premarket trading, Tesla stock saw a 0.7% increase, reaching $194.84. Meanwhile, S&P 500 and Nasdaq Composite futures also experienced gains, rising by 0.6% and 1.3% respectively.
Peers in the Electric Vehicle Industry Follow Suit
Not only Tesla but also its counterparts in the electric vehicle market have seen positive movement. Lucid recorded a 0.3% increase in shares, while NIO gained 0.3% as well. In Hong Kong trading, BYD stock rose by 0.9%. General Motors also joined the upward trend with a 0.4% rise, reaching $38.71.
Super Bowl Commercials Push for Safety and Boycott of Tesla’s Self-Driving Technology
During the Super Bowl, two commercials aired advocating for increased road safety and urging drivers to boycott Tesla’s self-driving technology. The Dawn Project, led by technology entrepreneur Dan O’Dowd, utilized this major event for their campaign for the second consecutive year.
Tesla Reduces Prices on Some U.S. Model Y Cars
According to Reuters, Tesla has recently announced price reductions for certain models of the Model Y. This adjustment comes just a few weeks after price cuts in Germany. The rear-wheel drive Model Y and the long-range version both had their prices reduced by $1,000, now priced at $42,990 and $47,990 respectively.
Seeking Tesla’s Response
As of Monday morning, Tesla has been reached out to comment on both the Super Bowl commercials and the price reductions.
Recent Closing and Trading Volume
Tesla stock closed at $193.57 on Friday with a gain of 2.1%. However, it is worth noting that Tesla is currently trading well below its 52-week high of $299.29, which the company achieved last summer. The trading volume stood at 84.48 million, remaining 31.61 million below its 65-day average volume of 116.09 million.
