Tesla stock gains on signs price cuts are spurring demand
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Tesla (NASDAQ:TSLA) continued to rally on Friday as Piper Sandler highlighted data that suggests Model Y demand is spiking.
According to analysis performed by equity analyst Alexander Potter, recent price cuts have begun to trickle through to demand increases. 
âThis morning, in our daily scrape of the "design studio" on tesla.com, we noticed an obvious spike in wait times,â he wrote on Friday. âU.S. consumers must now wait between 4 and 17 weeks for a Long Range Model Y, up from 0-8 weeks yesterday.â
While Teslaâs (TSLA) gross margin is expected to take a hit, Potter still believes competitors like Ford (F) and General Motors (GM) âwill bear the brunt of [Teslaâs (TSLA)] aggressive pricing strategy.â Ford has already moved to cut prices for its Mustang EV in response to Teslaâs pricing actions.
The sign of US demand reflected in the wait-time data appeared to overshadow somewhat tepid sales growth for China-made vehicles. Additionally, the Treasury updated its standards for vehicle classification, impacting the availability of tax credits. All Model Y variations now qualify for that credit.
Shares of the Austin-based EV manufacturer rose 5.11% on Friday, leading major automakers. General Motors (GM) gained modestly, while Ford (F) stock slid sharply after missing earnings expectations and issuing a mea culpa on operational issues.
Read more on Deutsche Bank's downgrade of Ford on Friday.