Tesla halo effect helps lift electric vehicle stocks
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Tesla (NASDAQ:TSLA) rose 10% on Thursday and traded as high as $1,061.90 after the electric vehicle juggernaut's advantage over peers with producing EVs at high margin rates stood out during a period of supply chain issues across the automobile sector.
One of the biggest pullouts from the earnings reports is that Tesla (TSLA) is benefiting from the growing advertising efforts of legacy auto giants. During the Super Bowl, millions were spent promoting the electrification pushes at Nissan (OTCPK:NSANY), Ford (F), and General Motors (GM) - but Tesla (TSLA) cashed in with a big rush of orders despite being on the advertising sidelines.
The Tesla halo effect may not be as strong as it once was, but EV names like Mullen Automotive (MULN) +10.7%, Ayro (AYRO) +3.8%, Lordstown Motors (RIDE) +3.5%, Lucid Group (LCID) +3.0%, Fisker (FSR) +2.9% and Canoo (GOEV) +2.7% are all higher on the day.
Check out the prior Tesla coverage on the earnings print, conference call highlights and Wall Street reactions.