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Tesla stock climbs, shrugging off recall of about 80,000 cars in China

MarketWatch logo MarketWatch 11/25/2022 James Rogers
© chris delmas/Agence France-Presse/Getty Images

Tesla Inc.’s stock rose 1.9% before the opening bell Friday, shrugging off the recall of about 80,000 cars in China.

The China recall, which was due to software and seat-belt issues, came just days after the U.S. National Highway Traffic Safety Administration recalled over 300,000 Tesla cars over potential taillight failures.

Separately, Tesla owners in several regions have reported price drops at supercharging stations, according to the Electrek website. One Tesla owner tweeted that Tesla has apparently cut the cost of supercharging across Los Angeles and parts of California by as much as 5 cents per kWh.

See Now: Tesla supercharging prices reduced in several regions, report says

Elektrek reports that some price drops in Europe have gone down by as much as 10 cents per kWh. MarketWatch has reached out to Tesla with a request for comment on this story.

Tesla’s stock has fallen 48% this year, compared with the S&P 500 Index’s decline of 15.5%.

In a note released on Wednesday, Wedbush analyst Dan Ives noted that Tesla’s stock is down 26% since Elon Musk officially completed his takeover of Twitter in late October. “Any black eyes for Musk in the Street’s view will be reflected in Tesla’s stock,” he wrote. “Ironically, the demand story for Tesla and overall production capacity globally is moving in the right direction and remains on track for a 2 million unit number for 2023, which is very impressive and right on schedule despite the jittery macro backdrop.”

See Now: Tesla rallies as one of the stock’s few bears raises his rating

Wedbush has an outperform rating and $250 price target for Tesla.

Of 41 analysts surveyed by FactSet, 25 have an overweight or buy rating, 13 have a hold rating, and three have an underweight or sell rating.

Shares of electric vehicle maker Rivian Automotive Inc. rose 0.9% before opening bell. Ford Motor Co.’s stock fell 0.3%.


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