Tesla Stock Boosts EV Sector After Earnings

TSLA is brushing off a sharp profit decline in the first quarter

Laura McCandless

Deputy Editor

Apr 23, 2025 at 2:15 PM

Shares of Tesla Inc (NASDAQ:TSLA) were last seen up 7.7% at $256.34 today, despite the company's major profit loss in the first quarter. The electric vehicle (EV) giant reported earnings of 27 cents per share on revenue of $19.34 billion, representing a decline of 71% and 9%, respectively. However, commentary from CEO Elon Musk is boosting sentiment, after he said he would spend less time in Washington D.C. working for President Trump and instead focus on Tesla.

On the charts, the declining 40-day moving average is still keeping a cap on TSLA's gains. Year-to-date, the equity is down 36.5%.

TSLA April23

Other EV stocks are getting a halo lift today. China-based Li Auto Inc (NASDAQ:LI) was up 2.3% at $24.33 at last glance, heading for its fourth-straight gain. The stock has been climbing since its early-April six-month lows, and is today breaking into positive territory for 2025.

Rivian Automotive Inc (NASDAQ:RIVN) is up 5.9% to trade at $12.03. On the charts, a ceiling still remains at the $12 level, as it has all month. Year to date, the equity is down 9.5%.

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