- Tesla (NASDAQ:TSLA) stock is finishing another turbulent week
- There is still no definitive answer on Elon Musk’s Twitter (NYSE:TWTR) deal
- The company’s full self-driving (FSD) tech has come under extreme scrutiny of late
Even with the market selloff in the rearview, Tesla is facing an uphill battle. The electric vehicle (EV) leader is dealing with regulatory problems as Wall Street grows increasingly sour toward it. Multiple experts — including notable TSLA stock bull Dan Ives — reduced their price targets earlier this week. On top of that, TSLA stock has lost its top spot in Cathie Wood’s flagship exchange-traded fund (ETF). It hasn’t helped that Tesla was removed from the S&P 500 ESG Index this week, either. All of these factors have pushed shares more than 8% into the red today, with no rebound in sight.
With Elon Musk’s pending acquisition of Twitter on hold, many eyes are on TSLA stock. The company needs a catalyst and, while TSLA has managed to pull through for investors before, it’s facing a troubled economic landscape right now. That said, there has also been some good news these past few days.
Let’s take a look at some of the top Tesla news stories this week.
Top Headlines for TSLA Stock Investors
Feds probe Tesla Autopilot in Newport Beach crash that killed 3
Tesla is no stranger to controversy over its FSD tech. But this latest investigation — sparked by a recent, fatal Tesla crash — did push TSLA stock down this week. Currently, a special team is investigating if a 2022 Tesla Model S sedan had engaged its autopilot feature during the incident. The Los Angeles Times reports that Tesla has yet comment. While TSLA stock has always rebounded, accidents like these certainly undermine confidence in Tesla’s FSD tech.
Tesla has the top 3 electric cars in the US, and it’s not even close
Competition in the EV market is rising, but Tesla is still the dominant player. According to Electrek, Experian recently listed the most popular U.S. electric vehicles as measured by delivery statistics. The top three spots on the list belonged to Tesla. Of course, it’s not surprising that the EV maker is popular. However, the contrast between Tesla and other automakers is impressive. Ford’s (NYSE:F) Mustang Mach-E placed fourth on the list. That put it slightly close to the Model S’s 9,250 deliveries but substantially behind the Model 3 and Model Y. They have 47,682 and 52,051 units delivered, respectively.
Tesla’s Removal From S&P Index Sparks Debate About ESG Ratings
This week, one of the market’s leading environmental, social and government (ESG) indexes removed TSLA stock from its list, dealing a big blow to Tesla. Musk didn’t react well to this news, either. The CEO took to Twitter, calling ESG a “scam.” As Musk sees it, removing Tesla from the index is absurd, especially when oil company Exxon Mobil (NYSE:XOM) still makes the list. Still, while shares fell the day of the removal, the decline was likely due more to analyst downgrades on TSLA stock.
Tesla releases new Full Self-Driving Beta update, and it’s a big one
Despite the recent crash and investigation, Tesla is pushing forward with its FSD advancements. Specifically, the company is nearing a new beta software update and has stressed the importance of the rollout. As Electrek reports, “FSD Beta enables Tesla vehicles to drive autonomously to a destination entered in the car’s navigation system, but the driver needs to remain vigilant and ready to take control at all times.” All told, now would certainly be an opportune time for Tesla to make progress on the FSD front.
Tesla China Exported 2 Batches Of 4,000+ EVs In One Week
The U.S. is certainly not the only market in which Tesla demand is growing. According to CleanTechnica, Tesla’s Shanghai gigafactory exported more than 4,000 EVs to Belgium last weekend, as well as a second similar-sized batch. These figures are impressive, given the facility’s recent hardships. That should reassure investors that, even with recent production setbacks caused by Covid-19 lockdowns, TSLA stock won’t stay down on the delays for long.
Tesla Bets It Can Bring Down Insurance Costs, Make Driving Safer
Earlier this week, Elon Musk talked about Tesla insurance, an initiative intended to “make driving safer” and lower premiums for Tesla owners. This insurance is only available in eight states so far, including California and Texas. But according to CFO Zachary Kirkhorn, Tesla is the “second-largest insurer of its cars” in the latter. Bloomberg reports that “Eventually, coverage will be available to 80% of the US, and then the company plans to go international.”
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.