Why Tesla Stock Was Surging at the Market Open Today
Shares of Tesla (NASDAQ: TSLA) were up as high as 4.8% this morning before cooling off by the afternoon. As of 12:37 p.m. ET on Tuesday, the stock was still holding a 0.70% gain on the day, slightly trailing the broader market. Year to date, the stock has fallen 37%.
Wolfe Research released its findings on the potential impact of the electric vehicle incentives included in the Inflation Reduction Act. Plus, Tesla is looking to add almost 7,000 jobs, despite weakening auto sales across the industry year to date.
Wolfe Research analyst Rod Lache said that the Inflation Reduction Act (IRA) could benefit the larger EV makers such as Tesla. A week ago, Goldman Sachs labeled Tesla and General Motors as its favorite picks in the auto space due to the catalysts with the IRA.
Source Fool.com
