Tesla's stock is surging and flirting with a buy point due to positive buzz around the company's upgraded Model 3 and upcoming Cybertruck, as well as the increase in Tesla insurance registrations in China.
Dow Jones futures and other major indexes remained mostly unchanged after hours, with a wave of Fed-friendly economic figures and various earnings reports affecting the stock market rally. Tesla is set to release an upgraded Model 3 in China, while Li Auto, Nio, and XPeng will report August deliveries.
Tesla has officially unveiled the highly-anticipated refresh of its Model 3, including a facelifted front-end design, interior changes, increased range, and improved aerodynamics.
Tesla has unveiled a restyled Model 3 with a longer driving range in China and other markets, putting pressure on rivals who are expected to release new electric vehicles soon.
Tesla has lowered prices on its Model S and X vehicles, with reductions of 15-19% in the US and similar cuts globally, except for the recently introduced Standard Range model; the base price for the larger-battery versions of both cars is now cheaper than the smaller-battery versions, and the base model now has a larger estimated EPA range; additionally, all paint colors are now included in the base price, and due to changes in federal EV tax credit caps, the Model X can now be cheaper than the Model S after incentives.
Tesla's stock performance has been mixed as of late, facing increasing competition and pressure to release the Cybertruck, but it remains a dominant EV maker with a strong charging network.
Tesla's rivals in China, including Li Auto, BYD, XPeng, and Nio, reported strong August deliveries, with Li Auto achieving a record sales month and Nio deliveries coming close to a record, while the overall China EV market is expected to see growth despite the country's weakening economy.
Mercedes-Benz unveiled an electric vehicle with a longer range than any Tesla model on the market, as the company intensifies its efforts to challenge Elon Musk and expand its presence in the luxury electric car market.
BMW and Mercedes are intensifying their efforts in the electric vehicle market, unveiling new platforms and concept cars in response to competition from Chinese automakers and Tesla, although they may still lag behind in certain aspects.
Europe's automakers are showcasing their latest electric vehicles at the IAA Mobility car show in an attempt to compete with Tesla and counter the increasing competition from Chinese companies such as BYD and Xpeng.
Tesla was able to boost its sales in China by 9.3% in August, thanks to price cuts.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
Chinese automaker XPeng Motors is set to expand its presence in Europe by entering new markets in Germany, France, and Britain with its G9 SUV, P7 sedan, and G6 model in 2024, aiming to compete with Tesla Model Y and establish brand recognition.
Tesla's production at its manufacturing plant in Shanghai increased in August to meet Wall Street's output targets.
China's passenger vehicle sales experienced growth in August, driven by discounts and tax breaks on environmentally friendly and electric cars, despite a weak economy, and Tesla's share of the Chinese electric vehicle market nearly doubled.
Tesla is set to release a new $25,000 electric car, potentially revolutionizing the world of EVs with its affordable price and expected range of 250-300 miles on a single charge.
Tesla has adjusted its plans for the next-generation electric vehicles, including the development of a fully autonomous Robotaxi and an affordable model, both to be produced on the next-generation platform; production of these vehicles will take place in Austin, Texas instead of Mexico due to the unwillingness of engineers to relocate.
Tesla is expected to benefit from European protectionist measures as regulators crack down on Chinese electric vehicle (EV) competition, causing stocks of Chinese EV companies like NIO and XPeng to plunge.
