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Secretary of Transportation Pete Buttigieg said Tuesday that there are concerns about how drivers interact with Tesla’s Autopilot feature, which he emphasized does not act as a replacement for paying attention behind the wheel.
Tesla shares are on pace to log their 10th-straight gain amid sales growth in China and eligibility for the new $7,500 tax credit for customers buying the Model 3.
The recent winning streak marks Tesla’s longest since January 8, 2021, when it recorded gains in 11 consecutive trading days.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 231.85 | +7.28 | +3.24% |
Following a behemoth 65% drop in value last year, Tesla shares are up big in 2023, rising roughly 89% since Jan. 1, and moving up around 35% the last 30 days.
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Data compiled by the China Passenger Car Association (CPCA) on Monday showed that Tesla delivered 77,695 China-made electric vehicles in May to notch a 2.4% jump from April, while the Biden administration’s Tuesday confirmation of the tax credit will make the Model 3 even cheaper than the Toyota Camry.
A Tesla sedan is seen in Yantai, Shandong province, China, April 21, 2023. On April 24, 2023, Tesla filed a document with the United States Securities and Exchange Commission (SEC), showing that in the first quarter of 2023, the total quarterly reven–>
Throughout the first quarter in China, Tesla generated $4.89 billion, while in 2022, the company’s sales in China reached just $18.15 billion for the year.
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In an interview with FOX Business, Ed Egilinsky, Managing Director at Direxion, said that some of Tesla’s recent rally can also be attributed to investor focus on participating in the mega-cap stock-led rally and the AI buzz.
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Also, “CEO Elon Musk visited China last week and many perceive this will result in positive developments for the relationship,” he added. “While some traders might trade off the headlines to capture the short-term upward price momentum, others might look at this as an opportunity to take a bearish view, believing the stock rally has been overextended in the short term and might see a reversal in trend.”
In this photo taken Tuesday, May 30, 2023, and released by Ministry of Foreign Affairs of the People’s Republic of China, China’s Foreign Minister Qin Gang, right, poses for photos with Tesla Ltd. CEO Elon Musk in Beijing. China’s foreign minister me ((Ministry of Foreign Affairs of the People’s Republic of China via AP) / AP Newsroom)