Tesla Stock Is Reeling Back Following Previous Gains: What's Going On?

Benzinga

Tesla shares slipped Thursday after an initial bump from Trump’s EV loan-interest deduction remarks, made at the U.S.-Saudi Investment Forum where Musk and Jensen Huang announced a Saudi-backed data center using 600,000 Nvidia GPUs. The deduction allows taxpayers to write off up to $10,000 annually on U.S.-assembled EV auto-loan interest through 2028. Analyst sentiment has improved, with Stifel lifting its target to $508 and Wedbush reaffirming $600, while Tesla traded at $398.35.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla shares slipped Thursday after rising on Trump's EV loan interest deduction announcement

00:06while Musk's XAI secured a Saudi-backed NVIDIA data center deal, according to Benzinga.

00:11President Trump told attendees of the U.S.-Saudi Investment Forum

00:14that middle-income buyers were not aware of the EV loan interest deduction.

00:18As part of the administration's Big Beautiful Bill Act,

00:20taxpayers can deduct up to $10,000 per year in auto loan interest through 2028

00:25if the vehicle is assembled in the United States.

00:27Trump made the remarks at the U.S.-Saudi Investment Forum for Musk and NVIDIA CEO Jensen Huang

00:32announced plans for a Saudi-backed data center run by Humane with 600,000 NVIDIA GPUs.

00:38Analyst sentiment for Tesla has turned more positive,

00:41with Sniffle raising its target to $508 and Wedbush reiterating a $600 target.

00:46Tesla shares traded at $398.35 on Thursday.

00:50For all things money, visit Benzinga.com.

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