After dropping to a 52-week low a day earlier, Tesla Inc soared by nearly 8.00% on Wednesday following the Citi analysts’ upgrade that raised the stock rating to neutral.
Tesla investors found relief in this rebound as the value of their holdings had fallen by around half this year in the wake of a broader market plunge and risky assets’ shift out.
According to Citi analysts, they needed more confidence from the average sale price and full-self-driving (FSD) progress to sustain such momentum. Currently, the price of Tesla’s FSD in the US is $15,000.00 upfront or on a subscription basis is $199.00 per month.
Musk Sees Potential Investment in South Korea
Another factor that affected Tesla’s rebound is the statement from South Korea’s President Yoon Suk Yeol that Musk was considering the country as a top candidate to invest in.
Yoon’s office noted that the remark from the billionaire came from a virtual meeting between the South Korean President and Musk, adding that the CEO would make his decision after reviewing the investment conditions, including technology and manpower.
The entrepreneur also reportedly said that aside from Tesla’s main factory in China, he has plans to build another gigafactory for electric cars in Asia, adding that he was willing to invest in infrastructure for EV charging in the country and further expand supply chain cooperation with Korean-based companies.
According to Yoon’s office, the Tesla CEO expects a growth of around $10.00 billion in part purchases from Korean-based companies.
Tesla Owners Now Free to Fully Self Drive in Downtown Toronto
Tesla reportedly removed a geofence prohibiting the use of the full self-driving beta program, allowing Tesla drivers to fully self-drive in Toronto’s downtown.
In March, Tesla released the FSD feature in Canada and established a geofence while the car maker worked on troubleshooting software updates and issues.
Although the feature is now available to be fully used, the software doesn’t make the vehicle fully autonomous and is only available to owners with at least 80 in the driving score. The technology also requires the driver’s attention as they must keep a hand on the wheel while being prepared to take control at any given time.
