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Tesla Muscles Its Way into the Nasdaq’s Top Stocks

Originally published on: CCN Markets
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August 02, 2019

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Tesla may have been spared from the bloodbath in the broader stock market including the Nasdaq because of its progress with solar roof tiles. | Source: Shutterstock

Don’t look now, but Tesla is having a good day. While much of the broader stock market traded under pressure, Tesla managed to eke out some gains in the final session of the week. It wasn’t by much, as TSLA was only up a fraction of a percent, but considering that most other stocks in the tech-laden index got pummeled, it’s an impressive feat from Elon Musk’s unpredictable company. In addition to Tesla, other stocks that bucked the otherwise downward trend in the Nasdaq today include Sirius XM, Micron Technology, and NXP Semiconductors.

tesla stock
Tesla stock bucked the otherwise downward trend in the market today. | Source: Yahoo Finance

Tesla Solar Panels Catapult the Nasdaq Stock

Tesla may have been spared from the bloodbath in the broader stock market because of its progress with solar roof tiles. Remember, Tesla unveiled its solar roof tiles in 2017 but in true Elon Musk style ran into some hiccups. Now they are ready to test the tiles in Fremont, Calif., and if this is any indication, Tesla’s solar business could finally be about to pay off. Incidentally, Elon Musk is back in the prediction business, raising the eyebrows of investors who remember Tesla’s recent run-in with the SEC.

Spooling up production line rapidly. Hoping to manufacture ~1000 solar roofs/week by end of this year.

— E (@elonmusk) July 30, 2019

Big Fish, Small Pond

Despite Tesla’s worse-than-expected second-quarter loss, it still managed to make the list of Nasdaq winners today. That’s not the only list the company made it onto.

Elon Musk remains a big fish in the pond of electric vehicles. The Tesla Model 3 topped the list of the leading electric automakers in the U.S. so far in 2019, according to InsideEVs.com. More than 81,000 Model 3 vehicles have been sold, far outpacing the No. 2 spot, which incidentally also belongs to Musk’s company. The Model X sold just over 10,200 vehicles. Tesla reappears on the list in the No. 4 position for the Model S, of which 8,200 vehicles have been sold year-to-date. Something to keep in mind is that these results only reflect the U.S. market, and Tesla is very popular in China, Norway, and the UK, for instance. The Tesla Model 3 has also reportedly finally made its way to Australia after a long wait.

Top 10 electric cars in the U.S. YTD:

81,100 Tesla Model 3

10,225 Tesla Model X

8,281 Chevy Bolt

8,200 Tesla Model S

6,946 Nissan Leaf

2,511 BMW i3

2,353 VW e-Golf

1,835 Audi e-tron

1,309 Jaguar I-Pace

552 Smart EDhttps://t.co/9cUfzTmmMK

— Tom Randall (@tsrandall) August 1, 2019

Elon Musk has the ambitious goal of selling between 360,000 and 400,000 vehicles this year. If he pulls it off, Tesla’s stock could find itself among the top-performing stocks in the Nasdaq more often.

Gerelyn Terzo

Gerelyn Terzo

Gerelyn is Assistant Editor at CCN. Based in the U.S., she has also covered institutional investing on Wall Street but caught the bitcoin bug soon after. She resides 13 miles outside of New York, close enough but also far enough away to escape it all. Follower her on Twitter (@cryptogerelyn) or email [email protected]

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