Tesla (TSLA) investors closed off the week with the stock gaining +14.47% the last 5 days, which means it sits at +23.42% YTD.
Here's this week's news for Tesla, let's go through it together.
1. EV Ban Coming?
2. Fake Fake Fake!
3. Musk Testifies
LEGEND: Positive News | Neutral News | Negative News
1. EV Ban Coming?
Wyoming state legislators have proposed a bill to ban the sale of electric vehicles (EVs) in the state by 2035!
The bill is sponsored by 6 GOP lawmakers making this a decent enough threat to Tesla that investors should pay attention.
Obviously this is in opposite direction of the trend we're seeing in other States, so why?
Wyoming is big in the oil and gas industry, creating lots of jobs and helping the state income. So indirectly, they are trying to protect jobs.
Is this a smart move? If this bill passes, will this set Wyoming behind in terms of infrastructure and tech adoption? Maybe.
2. Fake Fake Fake!
Tesla FSD is a huge part of any investment thesis in Tesla stock.
But, a senior engineer from Tesla admitted that in 2016, a video promoting FSD was staged (Nikola anyone?).
Even though the promo video showed a Tesla following traffic lights and rules of the road, FSD wasn't actually capable of this. The route the car took was also mapped out before hand but the car still ended up crashing into a fence!
Is this relevant today?
In my opinion, no, because the reality is that FSD today is quite capable (but not 100%). But, if Tesla did in fact stage this, a fine wouldn't be out of the question.
3. Musk Testifies
Musk was in court last week (and will be returning next week) regarding the whole taking Tesla private tweet in 2018 (feels like this was ages ago!).
The whole debate around the tweet (which Musk did pay a fine for) is that it potentially was not truthful that funding was secured, and this deceived and hurt investors.
I'm sure we'll get a follow up (and maybe a conclusion) this coming week around this topic, but for now nothing new was stated that we didn't already know leading up to this.
That's it for this week.
We look forward to spending a few minutes with you next Sunday for some new Tesla news!
Disclosure: I am a Tesla (TSLA) shareholder at the time of publishing.