Tesla Stock Just Can’t Seem to Break of Its Slump. Here’s Why.
- Date: 06-May-2021
- Source: CNBC
- Sector:Financial Markets
- Country:Middle East
Tesla Stock Just Can’t Seem to Break of Its Slump. Here’s Why.
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Tesla
stock is trying to break out of its post-earnings funk, but it’s struggling.A positive report about production lifted shares in premarket trading Thursday, but the stock has dipped back into negative territory.
Electrek reported on Thursday that Tesla production is “sold out†for the second quarter. Tesla CEO
Elon Musk
said on the company’s first-quarter conference call last month that demand is the best he has seen.
That means Tesla should produce more than the 180,000-plus vehicles it produced in the first quarter. That’s good news, but growth is expected. Tesla is expected to produce about 800,000 vehicles in 2021.
Any positive commentary about second-quarter production is worth noting because of the global semiconductor shortage that is roiling the entire industry. Many global auto makers are taking down time in the second quarter because of the shortage.
Ford Motor