Tesla rallies ahead of shareholder meeting later in the week

Justin Sullivan

Tesla (NASDAQ:TSLA) was one of the leading gainers in the S&P 500 Index in early Monday trading after Nio (NIO), Li Auto (LI) and XPeng (XPEV) all posted solid year-over-year increases in vehicle deliveries for July.

The read-through from China is that EV demand stayed strong and some of the supply chain issues are resolving to the point that production can ramp back up in Q3.

Tesla (TSLA) also has a shareholder meeting later this week where a vote will be taken on a stock split. Of note, there is also some speculation new information will come out about the Cybertruck. The electric vehicle juggernaut is calling the shareholder meeting in Texas the “Cyber Roundup” in what could be a teaser of some new electric truck buzz.

Shares of TSLA broker 4.02% higher in the first 30 minutes of trading on Monday and swapped hands as high as $935.29.

Tesla (TSLA) is on Seeking Alpha’s Catalyst Watch this week.

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