Why Is Tesla (TSLA) Stock Up 5% Today?

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Tesla (NASDAQ:TSLA) stock is climbing higher on Friday as analysts start to alter their tone in regards to the electric vehicle (EV) company’s price cuts.

It looks like analyst sentiment has shifted, as some imagine Tesla could now see increased demand for its EVs. This comes after the corporate announced a series of price cuts around the globe to stay competitive.

Actually, data already suggests that demand for Tesla EVs is increasing. That features the Model Y, which Piper Sandler analyst Alexander Potter reported is seeing an uptick in demand from customers.

What the Price Cuts Mean for TSLA Stock

In a time when inflation is weighing on consumers, reducing prices could attract latest customers. Actually, several other automotive corporations are following Tesla’s trend with a purpose to regain interest of their vehicles.

The actual query is, how much that can matter? Cathie Wood, a supporter of Tesla, believes rivals won’t give you the chance to maintain up with the corporate’s price cuts. If that seems to be true, it may very well be a serious boon to TSLA stock in the approaching yr.

As for trading activity today, TSLA has seen some 100 million shares change hands as of this writing. That’s an honest amount of trading but still below the corporate’s each day average trading volume of 147 million shares.

TSLA stock is up 4.7% as of Friday morning.

There’s much more stock market news traders can sink their teeth into below!

We’re serving up all of the most popular stock market coverage traders must find out about on Friday! Just a few examples include why shares of Ford (NYSE:F), Mullen Automotive (NASDAQ:MULN) and Salesforce (NYSE:CRM) are moving today. All of that news is able to go at the next links!

More Friday Stock Market News

  • Ford Stock Hit by Deutsche Bank Downgrade
  • MULN Stock Alert: Mullen Strikes EV Deal for LAX
  • Salesforce Layoffs 2023: What to Know as CRM Cuts Jobs

On the date of publication, William White didn’t hold (either directly or not directly) any positions within the securities mentioned in this text. The opinions expressed in this text are those of the author, subject to the InvestorPlace.com Publishing Guidelines.

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