- NASDAQ: TSLA gained 1% during Wednesday’s trading session.
- Tesla CEO Elon Musk is looking to expand further into North America.
- EV stocks rise despite broader weakness from the tech industry.
Tesla (TSLA) rose higher on Wednesday as news of Musk looking for expansion to new markets had investors excited once again. Shares of TSLA rose by 1% and closed the trading session at a price of $224.64. Stocks were volatile on Wednesday following disappointing earnings for Alphabet (GOOGL), Microsoft (MSFT) and Meta Platforms (META) after the markets closed. The Nasdaq was the clear laggard, tumbling by 2%, while the S&P 500 dropped lower by 0.7%. The Dow Jones managed to barely post a gain of just 0.01%, extending its winning streak to four days.
Tesla stock price
Tesla had a couple of conflicting headlines on Wednesday that had an impact on the stock’s performance throughout the day. First, it was revealed that CEO Elon Musk has met with the governor of a northern Mexican state that borders Texas about a potential expansion into the country. Tesla also posted some positions in Quebec, meaning that the much-discussed expansion into Canada could be coming sooner rather than later. On the other side of the coin, Tesla is being investigated by the Department of Justice in a criminal probe about its full self-driving technology.
Electric vehicle stocks were mostly in the green despite weakness in big tech stocks. Not only was Tesla on the rise, but so too were Nio (NIO), XPeng (XPEV), and General Motors (GM). Shares of Ford (F) were down slightly in extended trading as the company reported a net loss in the third quarter due to supply chain issues and investments in the Argo AI project, which it is now shutting down.
TSLA 5-minute chart 10/26/22
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