Tesla shares climbed more than 7% on Wednesday after hitting a 52-week intraday low a day earlier.
their rating on the stock to neutral. "To become bullish from here, we'd like to gain added confidence on the average sale price/auto gross margin bridge and FSD progress."
Musk has been promising Tesla investors and customers since 2016 that his company will be able to turn its cars into self-driving vehicles capable of operating as robotaxis. However, it's yet to deliver. Drivers using Tesla's Autopilot, Enhanced Autopilot, FSD and FSD Beta systems are supposed to remain attentive to the road, with hands on the steering wheel, ready to take over the driving task at all times.
The extended selloff that preceded Wednesday's rally has come as Musk's attention has largely turned to Twitter, which he acquired last month for $44 billion. Musk swiftly implemented mass layoffs, fired executives and tweaked important features of the platform. In response, many advertisers paused spending on Twitter campaigns indefinitely, andhave called for further boycotts until Musk's team proves it can manage hate speech and other harmful content on Twitter.
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