UPDATE: Tesla’s Annual Meeting

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Here are the key points from the event

  • Shareholders have largely approved of the proposed 3-for-1 stock split
  • Tesla’s Full Self Driving has a new update available for beta testing
  • 2- million units production is the aim that Tesla wants to achieve by end of year
  • A new gigafactory will be announced before the year ends. Longer term goal is to have 10-12 gigafactories
  • Cybertruck to begin production in 2023, though the price and specifications are going to differ from its initial announcement
  • Elon Musk envisions Tesla to be the most valuable company in the world when self-driving robotaxis and Optimus Humanoid Robot are being rolled out 

Market’s reaction

TSLA Daily Chart. Source: TradingView

It seems like this is a decent depiction of selling the news. TSLA gapped lower on Friday’s open albeit positive announcements and continued to slump. With the bears being in control, it ends the trading day at -6.6%. 

The 200 daily moving average and $950 resistance was well respected. If we look on the bright side, this could be seen as a minor retracement before it gathers enough momentum to break above the said resistance.

Important Note

The automaker said on Friday that its 3-for-1 split shares will start on 25th of August following shareholders’ approval during the annual meeting.

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