① Tesla's stock price has been rising for ten consecutive days, with a cumulative increase of an astonishing 44%, which is related to Tesla's positive report on the delivery of electric vehicles in the second quarter The latest Kelly Blue Book points out that Tesla's US market share fell below 50% for the first time in the second quarter, and competition in the electric vehicle industry is intensifying.
The story of Tesla hitting short positions is not over yet, which not only helps it wash away the shame of being the only stock among the Big Seven to fall this year, but also makes Wall Street once again believe in Tesla's growth myth.
As of the close of the US stock market on Tuesday, Tesla's stock price has risen for ten consecutive days, rebounding to over $262, with a cumulative increase of about 44% over the past ten days. This has also driven Tesla's stock price to achieve a 2% increase this year, although other tech giants have already surpassed double-digit percentage increases.
Most analysts agree that the main reason for this rebound is the recovery of Tesla's electric vehicle business. Last week, Tesla announced its second quarter car delivery volume, which was better than Wall Street's expectations, giving investors confidence.
But the latest US automotive industry insight report shows that Tesla's situation may not be as optimistic as the market thinks.
The well-known automotive data company Cox Automotive pointed out in the Kelly Blue Book that in the second quarter, US electric vehicle sales reached a historic high, but Tesla's US sales decreased by 6.3% and its market share fell below 50% (49.7%) for the first time.
Focus shift
According to the Kelly Blue Book, companies such as Mercedes Benz, General Motors, Ford, Hyundai, and Kia saw a cumulative year-on-year sales growth of 11.3% in the US market in the second quarter. The decline in Tesla's market share has also brought prosperity to the overall competition in the electric vehicle market.
Stephanie Valdez Streaty, Director of Industry Insights at Cox, stated that intensified competition has led to continued price pressure on electric vehicles, but this has contributed to the popularization of electric vehicles.
At present, Tesla's leading position in the US electric vehicle market remains unchanged, but the trend of other brands catching up is strengthening, which forces Tesla to plan early for the future.
The capital market also has expectations for this development. Garrett Nelson, Senior Equity Strategist at CFRA Research, previously pointed out that Tesla's artificial intelligence business has broad prospects and has diverted market attention from the company's recent troubles. Wall Street is currently focusing on Tesla's autonomous taxi business, which may be a huge driving force for the future.
Morgan Stanley strategist stated in a report that Tesla seems to have regained its magic. They believe that energy storage sales will be a key factor driving Tesla's rapid development. The new generation of artificial intelligence has stimulated growth in energy demand, power generation, and investment in data centers, which will benefit Tesla's energy sector.
Wedbush analyst Dan Ives is more inclined to praise Tesla's artificial intelligence program, stating that the company is the most undervalued AI company in the market, and that Tesla's AI business may appreciate by $1 trillion in the future. He emphasized Tesla's Robotaxi event in August this year as a new fuel for stock price growth.
Tesla's previous grand plan actually hinted that the company seems to be slowly expanding its focus from electric vehicles to multiple fields including energy, artificial intelligence, and autonomous driving. Although Tesla tram sales data will still be an important reference for judging Tesla's stock price in the short term, the market may need to gradually shift its perspective and thinking towards Tesla.