Tesla’s April sales volume in Europe showed something important: Growth. Tesla stock was down 2.6% in early trading Wednesday at $181.72, while the was little changed and the was down 0.1%. The drop comes after news the electric vehicle maker sold 11,254 cars in the European Union last month, up about 3% year over year, according to the European Automobile Manufacturers’ Association.
Rivian Automotive is looking to challenge Tesla, Ford and General Motors with its adventure-styled electric vehicles. It is Jonas' view that Rivian may benefit from a partnership to bring its new vehicles to market at scale.
Tesla stock is angling lower, falling around 30% so far this year, but shares have rallied back following the EV giant's first-quarter earnings and revenue report on April 23. Tesla reported worse-than-expected first-quarter earnings and revenue late on April 23. Investors appeared not to care, sending TSLA shares jumping 12% the following day after Musk signaled "more affordable" new models are on the way.