After dropping more than 42% and bottoming out in late April, Tesla's stock has rebounded sharply and is up more than 60% in a little over two months.
Getty; BI
Hi! Wickiator? Glad-to-Wick? I'm not sure about the name, but "Gladiator 2" and "Wicked" being released on the same day (November 22) could become the new "Barbenheimer."
In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround.
What's on deck:
But first, back on track.
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Trouble at Tesla? Says who?
After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge.
Even when it loses, it still manages to win. Tesla's sales slumped for the second quarter. But the 5% drop from last year was better than analysts expected, writes Business Insider's Nora Naughton.
Tesla's share price surged as much as 10% following the news as Wall Street proclaimed the company's worst days are behind it, writes BI's Filip De Mott.
From the market's perspective, that seems to be the case. After dropping more than 42% and bottoming out in late April, Tesla's stock has rebounded sharply. It's up more than 60% in a little over two months.
Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan.
And even though he hasn't secured the bag just yet, it's a testament to the 180 that Tesla has pulled off. After months of people questioning Tesla's future — including this very newsletter — the EV maker seems to be back on track.
Karol Serewis/SOPA Images/LightRocket via Getty Images; Chelsea Jia Feng/BI
Tesla's turnaround comes despite the company looking very similar to how it did at the start of the year.
The EV maker's newest product, the Cybertruck, has had its headaches, including a recent recall over its giant wiper. And the wider EV market still has demand issues, especially for expensive cars.
But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. Musk's plans for robotaxis and an affordable model in the wake of a dreadful earnings report were all investors needed.
As Nora has previously written, it's an example of the power Musk holds in getting investors to quickly fall in line and back his big-picture ideas.
How soon Tesla will be able to reach those goals remains to be seen. Musk has a history of punting on deadlines. But he's also delivered for the company in big ways, like defying expectations by turning the Model 3 into one of the best-selling cars in the world.
Tesla and Musk also hold another massive advantage. As automakers reconsider their EV strategy, Tesla has figured out how to build cars cheaper than anyone else.
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Getty Images; Jenny Chang-Rodriguez/BI
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.