---
title: "Tesla Stock Speeds Ahead Of Mag7 Peers, Can October's Robotaxi Reveal Keep The Momentum?"
description: "Tesla's stock surged 24.23% in September, outperforming its Magnificent Seven peers. Year-to-date, the stock has gained 5.32%. Key catalysts include strong sales in China and anticipation of the upcom"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/215721849.md"
published_at: "2024-10-01T12:55:03.000Z"
---

# Tesla Stock Speeds Ahead Of Mag7 Peers, Can October's Robotaxi Reveal Keep The Momentum?

> Tesla's stock surged 24.23% in September, outperforming its Magnificent Seven peers. Year-to-date, the stock has gained 5.32%. Key catalysts include strong sales in China and anticipation of the upcoming Robotaxi event on October 10, which CEO Elon Musk claims could be significant for the company. Analysts remain optimistic, with bullish technical indicators suggesting continued upward momentum, although the stock may be nearing overbought levels. Upcoming updates on delivery data and earnings will be crucial for sustaining this rally.

**Tesla Inc** TSLA stock revved up in September, soaring over 24% and leaving its **Magnificent Seven** peers in the dust.

Year-to-date gains for the car manufacturer stock are a modest 5.32%. Still, Tesla’s recent surge outpaces rivals like **Nvidia Corp** NVDA and **Amazon.com Inc** AMZN by a wide margin.

The question now: Can Tesla sustain this rally, or is it running out of gas?

## **Performance Snapshot: Tesla Vs. Mag7 Peers**

Stock

1-Month

Year-to-Date

1-Year

**Tesla Inc** TSLA

**24.23%**

**5.32%**

**3.99%**

**Alphabet Inc** GOOGL GOOG

5.40%

20.03%

23.61%

**Nvidia Corp** NVDA

12.44%

152.11%

171.19%

**Microsoft Corp** MSFT

5.09%

16.02%

33.72%

**Meta Platforms Inc** META

11.86%

65.31%

86.57%

**Amazon.com Inc** AMZN

5.72%

24.28%

43.93%

**Apple Inc** AAPL

4.59%

25.51%

34.10%

*Created By Author, Data Source Benzinga Pro*

Tesla's impressive 24.23% gain over the past month was driven by multiple catalysts.

Early September saw Tesla stock break through the resistance at $235, buoyed by strong China sales and anticipation surrounding the company's full self-driving (FSD) rollout.

## **What's Next For Tesla?**

The upcoming Robotaxi event, scheduled for Oct. 10 in Los Angeles, is also fueling investor optimism. CEO **Elon Musk** has hyped this event as potentially Tesla's most significant moment since the Model 3 launch, and Wall Street bulls like Dan Ives and Adam Jonas expect key updates on FSD and autonomous driving.

Tesla's October is shaping up to be pivotal. Along with third-quarter delivery data and earnings, the highly anticipated Robotaxi event could keep momentum rolling.

Analysts are eyeing updates on operating costs, scale, and a potential ‘CyberCab’ unveiling, which could take Tesla's autonomous vehicle narrative to the next level.

**Read Also: Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday’s Premarket: What’s Going On**

## **Stock Outlook Remains Bullish**

From a technical perspective, Tesla stock's outlook remains bullish.

*Chart created using Benzinga Pro*

The stock is trading above its key moving averages (five, 20, 50 and 200-day), with the 50-day average at $223.06 and the current price at $262.50, indicating strong upward momentum.

*Chart created using Benzinga Pro*

The MACD (Moving Average Convergence/Divergence) sits at 11.56, further suggesting a bullish trend, though an RSI (Relative Strength Index) of 68.16 indicates the stock may be approaching overbought territory.

Can Tesla keep up the pace? With its Robotaxi event and solid technicals, it's worth watching closely. However, its rally could face resistance if key updates underwhelm.

**Read Next:**

-   **Tesla Bull Sees ‘Breadcrumbs’ From Elon Musk On EV Giant’s Potential Entry Into Aviation Segment, Says It Could Boost Tesla Stock By This Much If His Theory Materializes**

*Image: Shutterstock*

### Related Stocks

- [TSLA.US - Tesla](https://longbridge.com/en/quote/TSLA.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
