Why did Tesla stock go up today? Investors liked the annual meeting updates
Justin Sullivan
Tesla (NASDAQ:TSLA) rallied on Wednesday after investors viewed the update from the company's annual shareholder meeting in Austin, Texas favorably. The gain also came amid a broad rally in consumer discretionary names.
The annual meeting featured Elon Musk warning that Tesla (TSLA) is not immune from what could be a tough period for the economy. He also surprised with a tease that Tesla (TSLA) will try out media advertising and see how it goes in what will be a departure from the company's track record of non-traditional advertising.
The update also included news of a new board member with the addition of Redwood Materials CEO JB Straubel, who was previously the Chief Technical Officer of Tesla. On the product plan, Elon Musk advised that Tesla (TSLA) will deliver its first Cybertrucks this year. The target is for the electric vehicle maker to deliver 250K to 500K Cybertrucks a year. The long-awaited return of the Roadster is expected in 2024. He also highlighted that plans are being made for two new electric vehicle models.
Shares of Tesla (TSLA) rose 4.41% to $173.86 on volume of over 124M.
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