Tesla’s market value has grown by almost a quarter-billion dollars while closing with a gain the last 13 sessions on Wall Street.
Shares for the EV maker have now more than doubled in 2023, moving roughly 108% higher since Jan 1.
In an interview with FOX Business, David Russell, vice president of market intelligence at TradeStation Group, said, "There’s been a perfect storm of positive catalysts for Tesla recently."
"First, the Nasdaq and growth stocks came to life. Then, Elon Musk quit Twitter. Then he gave positive updates on models like the Cybertruck and Roadster," he continued. "After that, Tesla announced charging deals with Ford and GM."
CHINA ROLLING OUT RED CARPET FOR US CEOS
"Tesla’s recent run is a combination of company-specific news and better overall market conditions. Now, the stock has retraced nearly half its drop from November 2021 through December 2022," Russell added.
Last week, Tesla made changes to its battery supply chain to bring some of its vehicles within the guidelines that would qualify them for federal U.S. credits. The manufacturer’s Model 3 vehicles now qualify for $7,500 in electric vehicle consumer tax credits, which could lower its price to less than that of a Toyota Camry listed at $26,320 and higher.
TESLA MODEL 3 VEHICLES NOW QUALIFY FOR $7,500 TAX CREDIT
Meanwhile, new battery rules went into effect in April that lowered the credit of the Model 3 Standard Range Rear-Wheel Drive and Long-Range All-Wheel Drive to $3,750.
The government confirmed the change on its fueleconomy.gov website.
RECALL OF 137 TESLA MODEL YS OVER ISSUE WITH STEERING WHEEL FASTENER
With the federal tax credits, a Model 3 starting at $40,240 may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements.
Ken Martin at FOX Business contributed to this report.
