Tesla Stock Moves Higher on Refreshed Model Y Plans

The company is also expected to post record deliveries for the quater

Tesla Inc (NASDAQ:TSLA) is up 2.6% to trade at $263.21 at last check, after Bloomberg reported the electric vehicle (EV) giant is planning to refresh its Model Y from its Shanghai plant, with mass production potentially starting as soon as mid-2024. The company is also expected to post record deliveries this quarter, but will likely fall short of CEO Elon Musk’s goal of 2 million.

The equity is trading at its highest level since October, with support from the 40-day moving average containing a pullback earlier this month. For 2023, Tesla stock boasts a whopping 112.8% lead.

Short-term options traders are bullish on TSLA. This is per the security’s Schaeffer’s open interest ratio (SOIR) that stands in the 2nd percentile of annual readings, pointing to a call bias.

Premiums can be had for a bargain at the moment, as the equity’s Schaeffer’s Volatility Index (SVI) of 44% is higher than just 6% of readings from the last 12 months. In other words, the options market is pricing in relatively low volatility expectations right now.

Options look like a good way to go when weighing in on TSLA. Its Schaeffer’s Volatility Scorecard (SVS) of 86 out of 100 means the stock usually exceeds volatility expectations.

 

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