Tesla has hadquite a week. All things considered, shares have held up remarkably well. They still have a chance to make it five consecutive weekly gains on Friday.
Shares of the electric-vehicle maker were up 1.1% in premarket trading at $344.80, while S&P 500 and Dow Jones Industrial Average futures were both 0.2% higher.
To keep its weekly streak alive, Tesla stock needs to finish above $349.98. Coming into Friday trading, shares were down 2.6% for the week. The S&P 500 was down about 2%.
That’s not too bad, considering all Tesla investors have had to deal with. The House passed President Donald Trump’s “One Big Beautiful Bill,” which included provisions to end the EV purchase tax credit and charge EV owners a small annual fee for the Highway Trust Fund. The Senate also voted to take away California’s right to regulate its air quality. If California loses that right, it jeopardizes hundreds of millions of dollars Tesla earns by selling zero-emission vehicle tax credits.
GLJ Research analyst Gordon Johnson was surprised Tesla stock closed higher on Thursday after the Senate vote, calling it “deeply negative for Tesla’s fundamentals,” in an email. Californian officials, however, said they will fight in court to keep state regulations in effect.
There was some good news this week, too. CEO Elon Musk sat down with CNBC’s David Faber and reiterated plans to launch a robotaxi service in Austin, Texas, in June. Investors have high hopes for the robotaxi business, but the rollout will go slow, according to Musk, and humans will be overseeing vehicle operations.
Human intervention will make it difficult for Tesla to show investors it has fully solved autonomous driving, says Future Fund Active ETF (FFND) cofounder Gary Black, adding that could prove disappointing.
Tesla investors, it appears, will deal with that after the robotaxi service launches.
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