By
Svetlana Soroka
April 18th, 2024
Tesla stock jumped approximately 271% in the past 12 months but has dropped approximately 14.06% year-to-date.
Tesla Inc (NASDAQ: TSLA) stock closed Monday trading at $606.44, up 4.40% in respect to the opening price. During the after-hours trading sessions, TSLA stock traded around $607.50, 0.17% higher than yesterday’s closing price according to market analytics provided by MarketWatch. Tesla stock has been associated with the Bitcoin market after the company invested $1.5 billion in the BTC market. Additionally, Elon Musk‘s tweets keep provoking market volatility both in the Bitcoin and Tesla stock. The speculative aspect in the Tela stock that kicks in essentially when there are notable fundamental factors is likely to come in if Tesla fails to appeal a lawsuit that could cost it huge cash in Norway.
Tesla in Norway
According to the media outlet electrek.co, Tesla could pay up to 136,000 kroner (~ $16,000) to approximately 10,000 Norwegian customers after a Norway court found the EV company guilty of throttling the charging speed.
According to the court filings, the range drop happened after updating to Tesla’s 2019.16.1 and .2 software updates. In its defense, Tesla indicated that “the goal of the update is to protect the battery and improve battery longevity, and it resulted in a range loss for only a small percentage of owners.”
The company has the next few weeks to appeal the case that could change to a greater extent how other lawsuits in different countries will be determined. Mind you, the company is facing similar cases in the United States and other notable global jurisdictions that claim fault in the electric vehicles already in the market.
Tesla is competing with Other notable electric vehicle companies, especially those established in China including Nio, Xpeng WM Motor, and BYD. The company is less likely to allow damaging lawsuits to proceed without appeal, particularly now that the global economy is pushing towards the electric vehicle industry and greener energy consumption.
Tesla stock jumped approximately 271% in the past 12 months but has dropped approximately 14.06% year-to-date. In the past three months, Tesla stock dropped approximately 15.12% and is now down around 17.85% in the past month.
The company has managed to hold its market capitalization over half a trillion in the past few months. According to metrics provided by MarketWatch, the company has a reported market valuation of approximately $559.58 billion at the time of reporting.
After MarketWatch surveyed 38 analysts, the firm found out that Tesla stock received an average of a Hold rating.