Tesla Stock Drops While Other Automakers’ Stocks Rise Following Tesla Investor Day
ByWhat went wrong? Tesla held a big Investor Day event, yet at the end of it, Tesla’s stock tanked and the stocks of competing automakers rose. I’m going to provide a few different perspectives here to try to make sense of it all.
And that does bring up one possible explanation. Almost all of the hype or interest I saw about Tesla Investor Day 2023 leading up to it concerned thateveryone seems to be on the edge of their seats waiting for. One can say that would be a “Tesla Model C” event, not a “Tesla Investor Day” event. That is indeed how Tesla has historically done it, but I think there was expectation because there was the idea that Tesla was being a bit stealth about it .
Not only was Tesla stock down 5.85% yesterday — stocks of some competitors were up a lot. XPeng stock [NYSE:XPEV] was up 5.3%, NIO stock [NYSE:NIO] was up 2.9%. Even Ford stock [NYSE:F] and GM stock [NYSE:GM] were up — 1.9% and 2.3%, respectively. BYD stock was also up . Surely, that’s not all a coincidence.
. And the company mentioned that the lower-cost models would be produced at various factories around the world, starting at the newly announced Mexico gigafactory. Shouldn’t Tesla get props for all of this?
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