November 22, 2024

Why Tesla Stock Ended the Week on a High Note

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Tesla (TSLA 3.80%) shares have been on a roll in recent weeks. The stock has soared by more than 60% in the last month and that surge continued Friday. Tesla shares were higher by 3.7% as of 1:45 p.m. ET. That brings year-to-date gains to about 42%.

Much of the recent euphoria has been related to CEO Elon Musk and his relationship with President-elect Donald Trump. But the stock’s momentum may have also gotten a boost after the latest European electric vehicle (EV) sales numbers were published yesterday.

EV sales recovery

European EV sales were up by about 7% year over year in October, according to the European Automobile Manufacturers’ Association. That bodes well for Tesla for several reasons. First, that rise in fully electric car registrations compares to flat results overall for all power sources including hybrids and fossil fuel vehicles. And the October rise in battery electric vehicle registrations compares to a drop of 2.6% in 2024 through September.

And Tesla specifically has been seeing expanding sales over the last two months. For all of Europe, including the U.K., Tesla sold over 58,000 EVs in September and October combined. That’s a rise of 11.6% in just those two months versus 2023. Yet overall 2024 sales through October were still down nearly 12% for Tesla in Europe. Demand has sharply accelerated recently.

That’s a good sign as investors prepare to see what Tesla sales will look like globally in 2024. Europe is an important market for Tesla with its German manufacturing plant and increasing competition from both European and Asian EV makers.

Investors would love to see Tesla showing sales are accelerating into the end of the year. Especially as Musk sits in a position to help steer the incoming administration’s policies regarding electric vehicles. The rebound in Europe over the past two months is encouraging and is helping to keep Tesla’s stock momentum going.

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