GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk attends the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y as well as electric car batteries. (Photo by Christian Marquardt - Pool/Getty Images)
Tesla’s (TSLA) journey through 2024 began with turbulence, as recalls, CEO Elon Musk’s controversies, and rising competition led to a steep 24% decline in its stock by February. The automaker faced mass layoffs, and the stock was one of the worst performers in the S&P 500 for the first half of the year.
Tesla shares began rebounding in April when Musk made a surprise trip to Beijing, delaying a meeting with Indian Prime Minister Narendra Modi. Musk’s discussions with Chinese Premier Li Qiang set the stage for Tesla to test its Full Self-Driving (FSD) technology on Chinese state roads. By June, Shanghai approved limited testing of FSD, signaling significant progress for Tesla in the world’s largest EV market.
In June, Tesla investors overwhelmingly approved Musk’s 2018 compensation package, allowing him to buy 304 million shares at a set price. The vote signaled confidence in Musk’s leadership, despite a court challenge. Although Delaware Chancellor Kathaleen McCormick rejected the package in December, the decision energized shareholder sentiment.
Tesla stock faced another dip after weak robotaxi updates and lackluster Q2 results, but Donald Trump’s November election victory reignited enthusiasm. Musk’s close relationship with Trump became evident, as he frequently visited Mar-a-Lago and joined high-profile meetings with CEOs and world leaders.
Trump’s team reportedly discussed rolling back regulations on crash reporting and autonomous vehicles, which could benefit Tesla’s operations. While the president-elect may cut EV tax credits, a move endorsed by Musk, investors viewed Tesla’s alignment with the new administration as a boon for the company’s future.
Investor optimism over the Trump-Musk alliance pushed Tesla stock to new highs, peaking at around $470 per share in late 2024. Though it has since settled to approximately $420 per share, the stock has recovered from its early-year slump, now up over 70% for the year.
From a rocky start to newfound momentum under a Musk-Trump partnership, Tesla ends 2024 on a high note. With strategic moves in China, strong shareholder backing, and potential regulatory benefits, the automaker is positioned for a promising trajectory in the years ahead.
In a significant development, Israel has decided to halt the entry of food and supplies…
LONDON — At a summit in London, British Prime Minister Keir Starmer urged European leaders…
ROME — Pope Francis continued to show signs of improvement on Sunday as he remained…
In Los Angeles this past weekend, "Captain America: Brave New World" continued to dominate a…
Manchester United faced an unexpected exit from the FA Cup on Sunday following a nail-biting…
MONTGOMERY, Ala. — Fans around the world are mourning the iconic Angie Stone following her…