Tesla Stocks Rise on Hints of Upcoming Vehicle Reveal

Tesla shares jumped as much as 4% shortly after the New York Stock Exchange opened on Oct. 6 following social media posts hinting at a potential new product release. One video showed a black, hubcap-like object with the Tesla logo spinning, then revealed the date “10/7,” suggesting a product presentation. Another post depicted a vehicle in near-total darkness, with only its headlights visible.

The stock movement followed a decline late last week after a record sales quarter analysts said would be difficult to replicate. The recent surge reflects investor anticipation amid market adjustments after US federal electric vehicle tax credits expired. “Investors responded quickly to the teasers, indicating strong interest in Tesla’s next product,” said a market analyst familiar with trading activity.

Tesla has not added a new product since the Cybertruck, released nearly two years ago, which faced controversy and underwhelming reception. Executives have indicated a more affordable Model Y is in development to bolster sales after the incentives expired. The company is also preparing the second-generation Roadster, first unveiled in 2017, with CEO Elon Musk confirming in February 2024 that it will launch this year.