Tesla stock was up 1.98% at $339.47 on the final trading day of November. It's been an epic month.
It's still been an incredible month for Tesla. Through Wednesday, Tesla stock has gained 33.2% in November, putting it on pace for one of the best months in the company's history.
There isn't much news to pin on the Tesla stock move; there are no analyst upgrades or downgrades. Instead, shares appear to be adjusting to a wild, holiday-shortened week.
President-elect Donald Trump on Monday said he would put 25% import tariffs on Canada and Mexico until "such time as drugs, in particular Fentanyl, and illegal aliens stop this invasion of our country." Investors weren't ready for a tariff that size on Canada and Mexico, where many cars and car parts sold in the U.S. are manufactured.
Later that day, California Gov. Gavin Newsom said his state would implement a $7,500 EV purchase tax credit if Trump killed the federal credit worth up to $7,500 for qualifying EV purchases, as is widely expected. There also is a chance that Newsom would exclude Tesla purchases from qualifying for the state credit.
Currently, November 2024 ranks as the 11th biggest gain for shares and the best gain since January 2023 when shares added 40.6%.
Tesla stock has been trading since June 2010, so November should end in the top 10% of all months. The average move, up or down, for Tesla stock over its trading history is about 14%. Shares have gained in 92 months, or about 53% of the time.
More politics is the reason for the big jump in November. Tesla CEO Elon Musk backed Trump's candidacy and investors believe the growing relationship between the two will help Tesla stock in the long run.
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