Tesla Inc (TSLA) Stock: Why It Increased 9.35% Today

By Amit Chowdhry ● Jun 21, 2022
  • The stock price of Tesla Inc (NASDAQ: TSLA) increased by 9.35% today. This is why.

The stock price of Tesla Inc (NASDAQ: TSLA) increased by 9.35% today. Investors appear to be responding to recent comments from Tesla CEO Elon Musk and Global Equities Research analyst Trip Chowdhry.

Earlier this month, it was reported that Elon Musk would be cutting about 10% of the jobs at the company while also pausing hiring worldwide. And at Bloomberg’s Qatar Economic Forum, Musk explained that these job cuts would apply to salaried employees. These job cuts will occur over 3 months.

During the keynote that Musk participated in remotely, Musk said that the economy is “probably in a recession” and that it will get worse.

“It’ll probably be some tough going for, I don’t know, a year, maybe 12 to 18 months, is usually the amount of time that it takes for a correction to happen,” said Musk.

However, Musk said that Tesla will increase the number of hourly workers – which could be seen as a silver lining for the stock.

Global Equities Research analyst Trip Chowdhry conducted channel checks at Tesla’s Fremont Factory. And Chowdhry said that these checks evidenced soaring deliveries. Plus Chowdhry said that the screen at the factory is an “all-out effort in works.”

Plus Chowdhry said that Tesla mastered the art of production to the just-in-time shipment to delivery and that it takes about 8 hours from production to the vehicles being loaded on shipping trucks. And Chowdhry believes that Tesla bought over 20 shipping trucks this quarter compared to the last quarter.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.