Tesla stock TSLA appeared set to open higher on Wednesday, extending gains after three consecutive sessions in the green.
Shares were up close to 1.5% in premarket trading after rising 0.46% on Tuesday.
The stock had fallen more than 10% following last Thursday’s midterm election results, which spooked investors over increased scrutiny of CEO Elon Musk.
However, shares recovered over the next two sessions with sizeable gains.
Why is Tesla rising today?
Broader market gains were supporting Tesla, with futures tied to all three major indexes pointing to a positive opening.
Other factors were also helping the EV maker.
Finland on Wednesday approved Tesla’s Assisted Driving System, allowing the technology to operate on Finnish roads.
With approval from Finland’s transport authority, Traficom, Tesla can now offer the system to customers in the country.
The technology allows vehicles to steer, accelerate and brake automatically under driver supervision.
Tesla had to change the name from Full Self-Driving and tighten speed controls to secure the approval.
The decision marks an important step for Tesla, which is seeking a similar green light from the European Union. The EU’s decision on the technology is still pending.
A vote on the matter could take place at the next meeting, scheduled for December.
Estonia, Croatia and Belgium are among the European countries that have already allowed the technology.
Tesla’s Europe sales have recovered this year, with registrations surging across key Northern European markets in October.
Earlier this week, the EV maker also launched its Robotaxi service for riders in San Antonio, Texas.
San Antonio is the eighth city in Tesla’s Robotaxi network and its fifth in Texas.
Austin, Dallas, Houston and Fort Worth are already on the list. The company also operates in Miami, Orlando and Tampa in Florida.
Musk had also announced last week that Tesla would shut down production of its Cybertruck electric pickup and redirect the resources toward Robotaxi.
Tesla will end Cybertruck production by mid-2027. Sales of the polarizing pickup had failed to match Musk’s prediction.
SEC seeks to close Tesla settlement fund
In another development, the US Securities and Exchange Commission said on Tuesday that it had completed distributions from a $40 million settlement fund created from civil fines paid by Musk and Tesla in 2018.
The fund was established to compensate investors following the SEC’s securities fraud case against Musk over his August 7, 2018, tweet claiming that he had “funding secured” to take Tesla private.
The posts briefly drove up Tesla’s share price and trading volume before the stock subsequently fell when it became clear that financing had not been secured.
Musk and Tesla each paid a $20 million civil fine to settle the case, with the proceeds designated for affected investors. Neither admitted wrongdoing.
In a filing in Manhattan federal court, the SEC asked a judge to formally close the Fair Fund after completing the distribution.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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