The Tesla Hype Train Is Back and Roaring Ahead of October 10th (Shares Pop +17.99% MTD)

Let’s be real: at this point, Tesla doesn't need an introduction. It’s the electric car giant of the century that’s making everything from your uncle’s gas guzzler to your neighbor’s Prius look like relics of the past. And this week? Elon and Co. are back on the good stuff as Tesla’s stock is surging straight into Robotaxi Day. 

(Source: Giphy) 

In short, Tesla kicked off the week with a bang yesterday with shares jumping 5% closing at a sweet $250.27 (marking their highest level in two months). Meaning, that’s a nice little 35% jump from the company’s early August low of $182. So, yeah, it seems like Tesla’s definitely been eating its Wheaties over the past month.

(Source: Yahoo Finance) 

Sure, the broader market has been vibing well too, with the S&P 500 and Dow Jones both inching up. But Tesla? Tesla was on a different level, wiping out its year-to-date losses and reminding investors why they even mess with the stock in the first place. 

(Source: The Street) 

With that said, though, what’s really behind the bullish momentum? Well, in true 2024 fashion, Tesla’s stock got a boost thanks to optimism... and a bullish note from Barclays analyst Dan Levy. Levy’s projecting Tesla to deliver 470,000 vehicles in Q3—beating Wall Street’s conservative 460k estimates. Sure, 10k cars might not sound like a lot, but in Tesla terms? That’s a massive win—especially since it would be their first delivery growth this year after a rough start in Q1 and Q2. 

(Source: The Street) 

In addition, Levy’s also betting on strong sales in China to push those numbers higher, even as Europe’s EV market is trippin’. Fun fact: EV sales in Europe dropped a nasty 23% year-over-year in July and August. Meanwhile, the U.S. saw a 14% uptick. America might not always get it right, but when it comes to electric cars? It seems like we are doing pretty A-ok. 

However, the real Tesla hype day is heading full speed toward October 10—aka Tesla’s much-anticipated “Robotaxi Day.” Investors are practically foaming at the mouth over this one. Why? Tesla's expected to show off its latest Full Self-Driving (FSD) tech and unveil the cybercab—a driverless taxi that’s basically a Tesla on autopilot. And no, it won’t have a driver asking, “You still good with the aux?”

(Source: Giphy) 

Keep in mind, while some may see this as another overhyped “Elon” project, it’s not. The man has been hyping up FSD as the reason to hold Tesla stock. Meaning, if Tesla can pull it off, robotaxis could be a game-changer for the company’s bottom line. Autonomous driving = $$$, and Tesla’s looking to cash in. 

(Source: The Street) 

But again, not everyone’s convinced. Adam Jonas from Morgan Stanley is definitely raining on the parade, saying he’s “struggling to see how the day can live up to investors' high expectations.” And to be fair, Tesla’s been known to overpromise and underdeliver on timelines (cough, Cybertruck). But hey, people love to bet against Musk, and they’re often wrong.

(Source: Autopian) 

However, Tesla’s pivot to AI and autonomous driving isn’t happening in a vacuum. There’s a lot going on here. For starters, the Biden administration just announced plans to ban Chinese software from internet-connected cars. That's a big deal, especially for Tesla, whose success in China has been a major part of its global dominance. Oh, and speaking of China, domestic EV makers like BYD are hot on Elon's heels, gobbling up market share. 

(Source: CNBC) 

You know what that means? The stakes are high, and everyone’s watching to see if Tesla can deliver. With the stock already up big, the pressure’s on for Musk to make sure all that hype translates into cold, hard cash. Despite some of the noise, Tesla’s stock surge is giving Elon Musk something to smile about (not that he needs a reason). 

His net worth has ballooned by a casual $84 billion over the past five months, bringing his total to about $263 billion. Sure, he might be the world’s richest person, but let’s not pretend his fortunes aren’t tied to Tesla’s performance. So yeah, the stakes to deliver are extremely high for him too. 

(Source: Futurism) 

In the end though, love ‘em or hate ‘em, Tesla is still a beast. The stock’s rally shows that people are betting big on Elon’s vision, even if it’s a little out there. And with major events lined up in October, we’re about to find out if Tesla can keep delivering—or if it’s just more smoke and mirrors like some critics think.

In the meantime, only time will tell… but as always, stay safe and stay frosty, friends! Until next time…

P.S. On Thursday, we released an alert exclusively for our premium members, and by market close, the stock skyrocketed +140.45%. If you missed this one, don’t worry—you don’t have to miss the next. Another big opportunity is likely to drop this week. Click here to become a premium member and get in before the next stock takes off!

Stocks.News holds positions in Ford and Tesla as mentioned in the article.