Key Takeaways
- Tesla shares slid Friday, but posted gains for the week and second straight month.
- CEO Elon Musk has said he is leaving his work with the Trump administration and will refocus on his companies.
- Analysts are looking to next month’s planned launch of paid fully autonomous rides in Austin, Texas, as an upcoming catalyst for the stock.
Tesla (TSLA) shares slid about 3% Friday, but posted gains for the week and second straight month as CEO Elon Musk steps back from his role leading the cost-cutting Department of Government Efficiency.
The electric vehicle maker’s stock has trended higher over the last month since Musk said in Tesla’s latest earnings call that he would scale back his government work and refocus on his companies starting this month. Musk has done a number of interviews in the weeks since, leading one bullish analyst to say the CEO looks like a “different Musk” compared to the one seen in the last few months.
On social media earlier this week, Musk thanked President Donald Trump as his period of being able to work as a “special government employee” for 130 days came to an end. In a press conference Friday, Trump said he expects Musk could be “back and forth” to continue his DOGE work.
Analysts have been getting more bullish on Tesla in recent weeks despite sinking sales numbers across Europe and China, as many focus more the EV maker’s future prospects rather than its current performance.
A key point of focus is next month’s planned launch of Tesla offering paid rides in a small number of its vehicles in Austin, Texas, operating fully autonomously. Musk has said the plan is to start with 10 or so vehicles, and quickly expand to a larger number and more cities if the program is going well.
Tesla’s stock has lost about 14% since the start of the year.
This article has been updated since it was first published to include additional information and reflect more recent share price values.