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Tesla stock is suddenly crushing the rest of the Magnificent 7. Here are 4 things going right for Elon Musk's carmaker.
- Tesla stock has surged 68% since its October "Robotaxi" event, outperforming major tech stocks and the Nasdaq 100.
- Elon Musk's ties to President-elect Trump and the company's Robotaxi ambitions have boosted the stock.
- Here's everything investors see going right for Tesla as 2024 winds down.
- Musk bet big on Donald Trump via massive political donations and vocal support online and along the campaign trail. His efforts were quickly rewarded.Trump appointed Musk as co-head of the newly formed Department of Government Efficiency.
- Trump's second term could ease up self-driving car rules that would pave the way for the sale of vehicles without steering wheels or foot pedals, similar to the Robotaxi car unveiled by Tesla in October.
- Tesla projected that the company would grow vehicle sales by 30%.If Tesla is able to hit that goal, it would stand to deliver as many as 2.3 million vehicles next year.
- Investors see tariffs potentially boosting Tesla over its foreign competitors as much of Tesla's manufacturing takes place in the US, which means duties on imports could ultimately benefit Tesla's vehicle sales in America by targeting foreign EVs.
- According to Deepwater's Gene Munster, General Motors scaling back its ambitions for a robotaxi network is a win for Tesla.
- This is important because much of Tesla's premium valuation hinges on its robotaxi ambitions.
- "We also believe the stock could remain at a higher multiple to reflect the long-term opportunity tied to FSD/robotics given broader market interest in potential AI beneficiaries," Goldman Sachs said of Tesla in a note on Tuesday.
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