What happened
Tesla (TSLA 4.96%) shares may have had a rough 2022, but the stock continued its march higher in 2023 today. So far this year, Tesla has rocketed higher by more than 70%.
The shares rose another 6.3% this morning before paring some of that gain. As of 1 p.m. ET, Tesla was still trading higher by 5.4%.
So what
Today's move comes after CEO Elon Musk announced this week that the company will hold its Investor Day on March 1, where the company will reveal Tesla's Master Plan 3, presenting "the path to a fully sustainable energy future for Earth."
The National Transportation Safety Board also said today that the company's advanced driver assistance features were not involved in a fatal collision of a Model S in Texas in April 2021. At the time of the crash, there was speculation that Tesla's autopilot feature may have been engaged since neither of the two occupants was in the driver's seat after the crash. However, the investigation revealed the driver must have been thrown into the back seat as a result of the crash. Excessive speed was determined to be the cause of the accident.
Image source: Tesla.
Now what
Those news items don't explain why Tesla shares have rocketed higher this year, of course. The bounce after a losing 2022 has come as investors have come to believe the company has a sound strategy to hold on to its dominant market share in the electric car market. A series of product price drops had many wondering whether demand for its products was waning as competition increased.
But Tesla has now begun to increase some prices again, just as Lucid Group announced it is offering new credits to customers of some versions of its luxury electric sedans that directly compete with Tesla's Model S.
While the business seems to be back on track, investors will look forward to hearing what Elon Musk envisions for Tesla's future in a few weeks. Expectations are for updates related to a low-priced, mass-market model and the direction the company's energy segment may be heading. Some investors are getting into the stock ahead of the upcoming investor update.
