[ad_1]
Tesla (TSLA) shows some of the 3 scenarios where the Inflation Reduction Act (IRA) tax cuts will be lost in 2024 after what was expected to be reduced from $7,500 to $3,750. Meanwhile, Tesla also released an update late Tuesday on its humanoid robot, called Optimus, posting a video on X, first Twitter, of the generation 2 device walking, squatting and testing eggs.
X
Tesla will also perform a software update on more than 2 million vehicles after the National Highway Traffic Safety Administration determined the EV giant’s Autopilot system was vulnerable to abuse after reviewing 1,000 incidents. The recall is in the air, resulting from NHTSA’s ongoing Autopilot safety investigation, affecting all Tesla EVs sold in the US.
TSLA shares sank more than 3% early on the Model 3 and Autopilot news before paring losses and gaining nearly 1% to 239.29 at Wednesday’s close amid market activity. On Tuesday, TSLA fell 1.1% to 237.01.
Tesla appeared to change the language on its website on Tuesday evening, telling customers the Model 3 rear-wheel drive and long will not qualify for any tax credit. IRA in 2024. changes. Both models of Model 3 use Chinese or Korean batteries and Chinese materials.
Tesla became eligible for a total of $7,500 in tax credits on all Model 3 models in early June but has not yet announced how the Model will be used. version 3 and IRA batteries and components.
Currently, all Tesla Cybertruck vehicle options are currently eligible for a $7,500 Inflation Reduction Act (IRA) total tax credit, according to the Internal Revenue Service (IRS) site. The Cybertruck trim just came in under the $80,000 IRA cap with a starting price of $79,990.
Tesla Stock: Optimus Video
CEO Elon Musk recently announced that he sees Tesla as an AI and robotics company. However, it remains to be seen if Tesla’s Optimus humanoid robot will be taken care of by investors and the market.
The Tesla bot was first “revealed” on August 19, 2021, during the company’s Artificial Intelligence Day.
The video released on Tuesday mentions several improvements in humanoid robotics, including motor skills. Musk took X to say that “too many engineers have gone hand in hand.”
“Within a year, we will be able to thread a needle,” he wrote.
On September 25, the first day of trading after Tesla released a video of the Optimus robot, TSLA was down at the start before ending the day by about 1%.
Tesla Stock Performance
During trading on Wednesday, TSLA fell below the 50-day line. On Tuesday, Tesla stock came out of a test of its 50-day line, with shares closing above the 21-day line, a key support area for the past few weeks.
The stock is building to the right of a double-bottom base that will provide a 278.98 buy point, according to MarketSmith Research. Active investors can use the Nov. 29 high of 252.75 or a line below 248 as previously reported.
Since the beginning of 2023, Tesla’s stock has risen by 90%, outperforming the broader S&P 500 index.
Tesla stock ranks fifth in the 35-stock IBD automotive industry sector. The S&P 500 sector has an 81 Composite Rating out of 99 best. Tesla stock also has a 78 Relative Strength Rating and an 88 EPS Rating.
Please follow Kit Norton on X, formerly Twitter, @KitNorton for more information.
YOU MAY ALSO LIKE:
Get an edge in the Stock Market with IBD Digital
Labor unions keep the heat on Starbucks and Amazon
Shopping near the Shopping Zone
Learn How To Choose The Best Deals? Read the Investor Test
Seen Fear Shift; Tesla Model 3 Variants lose tax credits