Tesla Inc. sees intraday trading volatility after CEO Elon Musk counters cancellation rumors. Shares of Tesla Inc. experienced notable fluctuations in Friday’s intraday trading, following a report by Reuters suggesting the electric vehicle giant had scrapped plans for a more affordable car model. Initially, the stock plummeted by as much as 6.2% after the news agency cited anonymous sources and internal company communications. However, the decline was significantly pared down to 1.3% by early afternoon in New York, thanks to a swift denial from Tesla’s CEO, Elon Musk, who took to social media platform X to refute the report, branding it as misinformation without providing further details.
Musk’s Vision for Tesla’s Future: Affordable EVs and Robotaxis. The discussion around a less-expensive Tesla vehicle isn’t new; Musk himself teased the possibility of a $25,000 electric vehicle during a battery event in September 2020, citing forthcoming innovations as the backbone for achieving such a price point. Despite the recent downturn in quarterly vehicle deliveries and increasing competition in China, Musk remains optimistic about Tesla’s trajectory. He has hinted at a strategic shift towards developing a robotaxi, reaffirming the company’s commitment to advancing self-driving technology alongside making electric vehicles more accessible.
Upcoming Developments and Strategic Shifts. As Tesla prepares for its next earnings release on April 23, the industry is abuzz with anticipation regarding the company’s strategic directions, especially concerning its cost-reduction efforts and manufacturing innovations. With Musk acknowledging a delay in the production timeline of its lower-cost vehicle, now expected towards the end of 2025, the company’s focus seems to be on maintaining its competitive edge through technological advancements and operational efficiency improvements.
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