Core Viewpoint - Tesla shares have rebounded significantly, closing at an all-time high of $489.88, marking a 21% increase for the year after a challenging start [1][2]. Group 1: Stock Performance - Tesla stock experienced a 36% drop in the first quarter, its worst performance since 2022, but has since surged by 3.1% in a single day [1]. - The stock closed at an all-time high of $489.88, surpassing the previous intraday high of $488.54 and the last record closing price of $479.86 [1]. - The market capitalization of Tesla has reached $1.63 trillion, making it the seventh-most valuable publicly traded company [3]. Group 2: Business Developments - CEO Elon Musk announced that Tesla is testing fully driverless vehicles in Austin, Texas, which has generated optimism among investors regarding the potential rollout of a robotaxi service [2][12]. - Tesla's third-quarter revenue rose by 12% in October as buyers took advantage of a federal EV tax credit before it expired, contributing to a 40% stock jump during that period [6]. - Analysts remain bullish on Tesla, with Mizuho raising its price target from $475 to $530, citing advancements in Full Self-Driving technology [9]. Group 3: Challenges and Market Dynamics - Despite recent gains, Tesla has faced a roller-coaster year, with political backlash against Musk affecting brand perception and sales [4]. - The company reported a 13% drop in deliveries and a 20% decline in automotive revenue in the first quarter, with continued sales challenges in the second quarter [4][7]. - Increased competition from lower-cost EV manufacturers like BYD, Xiaomi, and Volkswagen, along with the loss of the federal tax credit, has weighed on Tesla's sales [7].