- Wednesday, October 16, 2024
Tesla stock experienced a slight decline before the market opened on Thursday.
Pre-Market Performance
The electric-vehicle manufacturer's shares dipped by 0.1% to $201.68 in premarket trading. Concurrently, S&P 500 futures fell by 0.3% and Nasdaq Composite futures dropped by 0.2%.
Recent Developments
Following the excitement surrounding Wednesday's Roadster announcement by Tesla CEO Elon Musk, Thursday's trading session has been relatively subdued.
Latest Reports
Speculations have emerged in local German media regarding a complaint concerning wastewater management at Tesla's Berlin Giga plant, documented by official sources. Additionally, Chinese media highlighted an update from CATL, the world's leading battery producer supplying Tesla. These developments are unlikely to significantly impact the stock performance of Tesla.
Market Movement
Stocks of Tesla's competitors also demonstrated movement; NIO stock saw an increase of approximately 2.03% in early trading while Lucid shares decreased by 1.2% and Rivian stock fell by 0.4% before the market opened. On the other hand, shares of major automotive companies Ford Motor and General Motors remained stable.
Stock Performance
Tesla's stock is considerably below its 52-week peak of $299.29 achieved last summer. The trading volume at the close of Wednesday was 99.81 million, marginally lower than the 65-day average volume of 110.3 million shares.
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