Tesla stock was on the rise in early trading on Monday, signaling a positive start to the week. The electric-vehicle maker's shares saw a 0.1% increase in the premarket, outperforming futures on the S&P 500 and Nasdaq Composite which saw a slight dip.
Peers' Updates and Moves
Amidst the positive momentum, Tesla's competitors made notable moves as well. BYD, a Chinese company backed by Warren Buffett, announced a potential buyback of twice as many shares as previously suggested, surpassing Tesla as the largest EV producer last year. Li Auto also reported fourth-quarter earnings showing better-than-expected growth, with promising future prospects. As a result, BYD stock rose by 1.8% in Hong Kong trading and Li Auto's American depositary receipt surged by 8.9%.
Market Movement
Shares of other companies in the electric vehicle industry were also on the move. NIO shares climbed by roughly 1.9% in early trading, while Ford Motor stock remained stable. General Motors saw a slight decline of 0.2%, while Lucid stock surged by 2.7% in premarket trading. Rivian shares also experienced a gain of 2.3%.
Stock Performance
Despite the positive movement, Tesla's stock is still significantly below its 52-week high of $299.29 set last summer. The trading volume of 78.84 million shares fell short of the 65-day average volume of 110.8 million by 31.96 million shares.
For more insights and updates, stay tuned for future developments in the electric vehicle market.
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