Tesla stock extends gains to 12% as Bank of America upgrades to Buy
) stock surged by as much as 11.7% in premarket New York trading Wednesday after the electric vehicle maker reported earnings for the first quarter, which prompted Bank of America to raise its rating on shares to Buy.
CEO Elon Musk announced potential earlier starts for the production of new, more affordable EV models. Initially expected in the latter half of 2025, production could now begin as early as late 2024 or early 2025, he said. Before the post-earnings jump, Tesla's stock had fallen over 40% this year, driven by concerns over declining deliveries, increasing competition, particularly in China, and the impact of ongoing price reductions.
The analysts highlighted positive catalysts that are building through the rest of the year, namely new model launches coming sooner than expected, the Robotaxi event on August 8th, cost savings amid recent reports about job cuts, as well as potential licensing of FSD.
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