As this week winds to a close, Tesla (NASDAQ:TSLA) faces some uncertainty. The electric vehicle (EV) producer pulled into this week on a high note, but the momentum has proved short-lived. TSLA stock closed down 2.2%, bringing its weekly performance into the red.
Some of these declines can be attributed to major events pushing markets down. As InvestorPlace Assistant News Writer Shrey Dua reported yesterday, concerns regarding the Russia-Ukraine conflict have sent many tech stocks plunging. The week has brought plenty of Tesla-specific news, though, both good and bad.
Here’s what investors need to know about what’s been happening this week.
TSLA Stock News: Top Headlines of the Week
Jim Simons’ prestigious hedge fund RenTech trimmed its Tesla bet last quarter
RenTech’s share sale didn’t sound like good news for Tesla, but it did not end up pushing TSLA stock down. Its performance that day should be seen as a testament to its ability to withstand negative momentum. For quantitative trading firms like Renaissance Technologies, making portfolio changes is not uncommon. The fund still maintains a position in Tesla, indicating that its leaders still have some faith in the company.
India Wants Tesla to Buy $500 Million of Local Auto Parts
Anyone curious about when Tesla will expand into India got an exciting update this week. Two days ago, Bloomberg reported that India’s government might be willing to entertain Elon Musk’s request for lower import taxes — if he commits to purchasing enough Indian-produced auto parts. This offer should be enticing for him, especially as Tesla has already sourced auto parts from India. The country’s booming EV market is only growing, making this an opportune time for Tesla to secure a sizable share. This is definitely a story worth following for TSLA stock bulls.
Tesla Falls in Consumer Reports Ranking After Design Changes
Tesla has slipped in the Consumer Reports annual auto brand rankings by several places. Out of 32 spots, Tesla placed 23, falling seven places from its previous ranking. The reports cited “design changes and reliability problems” as the primary reasons for the downgrade. Additionally, the company’s Model 3 was not 2022’s top pick for its category. Instead, the Ford Mustang Mach-E was given the top spot for electric vehicles.
Tesla Tells Federal Judge That SEC Is Harassing Elon Musk and the Company
Legal battles are nothing new for Tesla or for its CEO. However, this week has also seen quite a bit of coverage of the company’s struggles with the U.S. Securities and Exchange Commission (SEC). Tesla has alleged that the regulatory agency is “harassing” Musk following a 2018 investigation involving his use of social media and its alleged effect on shareholders. According to his attorney, the investigation is due to Musk’s criticism of the government. While details are still emerging, this type of development doesn’t often bode well for a company’s stock price.
Regulators Open an Investigation Into ‘Phantom Braking’ By Tesla Cars
The National Highway Traffic Safety Administration (NHTSA) has opened an investigation into a pattern of “phantom breaking” experienced by Tesla drivers. According to the complaints filed, some Tesla cars have been slowing down on the road without reason. The cars in questions have been Tesla Model 3 compact sedans and Model Y hatchbacks. While previous autopilot problems haven’t affected TSLA stock too much, this has the potential to be more serious.
Tesla Model Y Production Units Spotted Ready for Delivery at Giga Texas
A report this week suggests that Tesla’s Gigafactory may be ready to start delivering even more vehicles. Social media influencer Jeff Roberts posted photos of what look to be 100 Tesla Model Ys at the Austin, Texas-based factory, covered and ready for shipping. During the previous earnings call, Musk stated that the company would begin deliveries after receiving the vehicle’s certification. TSLA stock is likely to rise when shipping begins.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.