tl;dr
Tesla TSLA Over-the-Air Software Update and Analyst Reaction Tesla has made the decision to recall 2 million vehicles in the U.S. for an over-the-air software update, a choice lauded by Wedbush Securities for potentially leading to a broader acceptance of the company's technology. While Tesla ...
Tesla TSLA Over-the-Air Software Update and Analyst Reaction
Tesla has made the decision to recall 2 million vehicles in the U.S. for an over-the-air software update, a choice lauded by Wedbush Securities for potentially leading to a broader acceptance of the company's technology. While Tesla may not have agreed with the National Highway Traffic Safety Administration's analysis on the issue, it has agreed to incorporate additional controls and alerts to the affected vehicles. Analyst Dan Ives sees Tesla's implementation of the requested software update as a step that could bring full self-driving technology into reality over the next few years, presenting a major valuation addition not currently captured in the company's valuation. The investment in Dojo expenditures and advancements in AI technology could clear a path for Tesla's software to drive at a level safer than humans, with shares seeing a 1.06% decrease as of 12:40 p.m. on Wednesday.
More about Tesla Inc
Tesla Inc is an American electric vehicle and clean energy company based in Palo Alto, California. In 2020, Tesla had the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market and 23% of the battery-electric market. Through its subsidiary Tesla Energy, the company is a major installer of solar photovoltaic energy generation systems in the United States and one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020. The company's stock performance has been volatile, with a current stock price of $76.45 and a 3.1% change. Market sentiment is slightly bearish, with a Relative Strength Index (RSI) of 30.28, indicating potential oversold conditions. The stock is currently trading below its 50-day and 200-day moving averages, suggesting a bearish trend. However, there is potential support at the $70 level, with resistance at the $80 level. It's important to note that past market behavior is not always a reliable indicator of future performance, and there are uncertainties surrounding the company's future growth and profitability in the competitive electric vehicle and clean energy market.
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