Why Tesla Stock Hit an All-Time High Today
Tesla’s stock reached its all-time closing high today, marking the first time it’s achieved this level in a year.
Tesla (TSLA +3.76%) shares rose as much as 5% to start the trading week, briefly marking the highest level in a year. As of 12:30 p.m. ET, the stock remained up by 4%, just shy of the all-time high.
News that Tesla’s U.S. sales in November were the lowest since January 2022 hasn’t deterred a recent rally, with shares up 18% in the last month.
Image source: Tesla.
Robotaxi progress
Tesla’s domestic sales fell 23% to 39,800 vehicles in November, according to Cox Automotive. That drop wasn’t unique to Tesla, though. Overall, U.S. electric vehicle (EV) sales plunged 41% as the sector navigates the Trump administration’s cessation of $7,500 federal tax credits at the end of September.
Tesla’s EV sales aren’t what investors are most concerned about, though. The stock trades at a level that can’t be justified by EV sales alone. The prospects for Tesla’s autonomous driving technology are more important for many investors.
Today’s Change
(3.76%) $17.25
Current Price
$476.21
Key Data Points
Market Cap
$1.5T
Day’s Range
$467.74 – $481.75
52wk Range
$214.25 – $488.54
Volume
2.8M
Avg Vol
86M
Gross Margin
17.01%
This weekend, CEO Elon Musk gave them a reason for optimism that looks to be driving the stock higher today. Musk has invested heavily in developing autonomous vehicles that can act as a driverless robotaxi fleet. On Sunday, he posted on social media that “testing is underway with no occupants in the car.”
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Testing without human safety monitors or occupants in the vehicle signals notable progress in Tesla’s driverless taxi development. That prompted investors to push Tesla stock to its all-time high during trading this morning.