A 13-percent drop in stock price this past week by Tesla (TSLA) couldn’t hold the Driverless Transportation Weekly Stock Index (D20) back as the D20 gained 1.13 points and closed at 212.39.
Tesla’s $48.39 stock price drop was caused by a variety of factors. Telsa’s sales growth for its Model S and Model X is beginning to plateau. Its second-quarter production numbers (Model S and Model X only) declined compared to the first quarter and was blamed on a shortfall of battery packs. The long-awaited Model 3’s planned availability date is still late in July. All these factors have combined to take a chunk out of Tesla’s valuation.
The rest of the D20 stocks had a fine week with 14 gainers and only six losers including Tesla, pushing the Index up 0.5 percent. It beat the Dow, which gained 0.3 percent, and the S&P 500, which gained 0.1 percent to close at 2,425.18.
On news that it had joined Baidu and at least 50 others in Baidu’s Apollo Driverless project, TomTom’s (TOM2) stock price jumped 4.5 percent to close at €8.78 per share. It was the D20’s largest price-percentage gainer for the week.
Visit the Driverless Transportation D20 Stock Index page to learn more about it and its component stocks.
Baidu, the Chinese search engine giant, has formed a partnership with over 50 auto and computing industry companies to create its Apollo autonomous driving platform. The platform’s goal is to be to the driverless vehicle market what android is to the smart device industry: an open developer’s platform. Some of the D20 participants include: Ford (F), Delphi (DLPH), Continental (CTTAY), Daimler (DDAIF), NVDIA (NVDA), and TomTom (TOM2).