Tesla Stock Is Rallying Tuesday: What's Going On?

Adam Eckert

May 21, 2024

Tesla Inc (NASDAQ:TSLA) shares are trading higher. The EV maker on Tuesday increased its 72 month loan rate in the United States.

What Happened: Tesla has increased its 72 month loan rate (APR) in the U.S. from 0.99% to 1.99%, according to Benzinga Pro. The loan rates for 36, 48 and 60 month loan terms are still set at 0.99%.

The move from Tesla is a positive sign for EV demand as it suggests Tesla is easing some of the levers it pulled in order to help spark buyer demand amid increasing competition.

Don’t Miss: Tesla Price Cuts Backfiring? European Rental Companies Fume As EV Giant’s Used Car Values Plummet, Service Leaves Bad Taste

Tesla shares may also be getting a lift on Tuesday after a senior manager at PepsiCo Inc (NASDAQ:PEP) announced that Tesla is set to deliver 50 more Semi trucks to Pepsi’s California facility. A PepsiCo spokesperson told Benzinga in January that the company had 36 Tesla Semis deployed in its fleet.

Reuters also reported on Tuesday that PepsiCo was set to expand its fleet with the introduction of 50 Class 8 Tesla Semi trucks and 75 Ford Motor Co (NYSE:F) E-Transit electric vans over the next several months.

Finally, several reports this week indicated that a group of Tesla shareholders are urging investors to vote against Tesla CEO Elon Musk’s $56 billion pay package. Tesla’s annual shareholder meeting is scheduled for June 13.

The compensation plan, which shareholders approved in 2018, awarded Musk Tesla shares for reaching operational targets and growing Tesla’s market cap to certain levels.

“Even as Tesla’s performance is floundering, the board has yet to ensure that Tesla has a full-time CEO who is adequately focused on the long-term sustainable success of our company,” the group reportedly wrote in a letter on Monday, arguing that Musk has been too focused on other ventures and failed to prioritize Tesla’s interests.

Tesla shares had been under pressure leading up to earnings last month. Despite missing analyst estimates on the top and bottom lines, Musk downplayed the quarter and reiterated his vision for the future around AI, Full Self-Driving and robotaxis. Tesla shares are up about 25% since.

TSLA Price Action: Tesla shares were up 4.67% at $183.12 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.

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