Al Root
Tesla stock was moving higher Monday after another eventful weekend.
Tesla replaced its standard range, rear-wheel drive Model Y -- which got about 260 miles of range per charge -- with a long-range version that gets about 320 miles of range per charge. The long-range version starts at about $45,000. The standard-range version started at about $43,000.
Tesla was rising 1.1% to $183.12 in premarket, while S&P 500 and Nasdaq Composite futures both were up 0.2%.
The move doesn't compare to Monday of last week when shares rose more than 15% after a surprise visit to China by CEO Elon Musk resulted in a deal allowing Tesla to sell its highest-level driver-assistance features in the country.
Musk was active this weekend on his X platform, adding in a tweet that some Model Ys on roads today can have more range unlocked with a software update.
(He added in a separate tweet Saturday that last Monday he worked from 9 a.m. Beijing time to 2 a.m. Texas time. That implies about 28 consecutive hours of work).
Coming into Monday, Tesla stock has fallen 27% this year, underperforming the S&P 500 by some 35 percentage points. Shares, however, have jumped 28% from a 52-week closing low reached on April 22, a day before better-than-feared first-quarter earnings improved investor sentiment.
Write to Al Root at allen.root@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 06, 2024 05:04 ET (09:04 GMT)
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