Tesla's stock experienced a notable turnaround on December 20, 2024, as it reversed earlier losses to climb higher amid a volatile trading week. The electric vehicle giant's shares had initially dropped as much as 6% in premarket trading but managed to recover, reflecting investor optimism despite recent challenges. This recovery comes after a significant 8% drop on Wednesday, marking Tesla's worst day since the U.S. presidential election. The stock's resilience is partly attributed to the broader positive sentiment in the electric vehicle market, which saw substantial growth in November. According to Cox Automotive, new EV sales surged by 10% month-over-month, with Tesla's Model Y and Model 3 leading the charge. This growth was fueled by effective incentives and a realignment in production strategies, which helped boost consumer demand.
The Graniteshares 2x Long TSLA Daily ETF (TSLR) rose to $52.42, marking a 2.28% increase as of 11:51 AM ET on December 20th.