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Tesla Inc (NASDAQ:TSLA) was outpacing Volkswagen AG (OTC:VWAGY) on Friday, with the former trading up more than 4% higher at one point while the latter gapped down to start the session but was working to erase its losses.
A Bloomberg Intelligence forecast recently released estimated that Volkswagen could overtake Tesla by 2024 to become the top electric vehicle manufacturer. Although Volkswagen currently holds more of the EV market share than Tesla in Europe, the German-based automaker has a long way to go before surpassing Tesla in North America and China.
Tesla CEO Elon Musk, when asked about the report during the Qatar Economic Forum in Doha, dismissed the question, responding "I believe that forecast was from you."
In 2021, Tesla delivered nearly a million electric vehicles compared to Volkswagen, which sold 452,900 EVs. Volkswagen produces more vehicles overall, having sold a total of 8.6 million vehicles last year when its gasoline-powered vehicles are included.
Tesla and Volkswagen have been equally beaten down this year, with both stocks trading down about 36% from their Jan. 3, 2022, opening price.
From a technical standpoint, Tesla appears stronger than Volkswagen, at least in the near term, due to two bullish patterns that have developed on the chart.
It should be noted that events affecting the general markets, negative or positive reactions to earnings prints and news headlines can quickly invalidate patterns and breakouts. As the saying goes, "the trend is your friend until it isn't" and any trader in a position should have a clear stop set in place and manage their risk versus reward.
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The Tesla Chart: On June 21, Tesla broke up bullishly from a falling channel on the daily chart and closed that trading day up 9.35% higher. When a stock breaks up from a falling channel, it can indicate a larger reversal to the upside is in the cards and Tesla has since formed into an uptrend.
The Volkswagen Chart: Unlike Tesla, Volkswagen is trading in a confirmed downtrend, with the most recent lower high printed on June 21 at $19.73 and the most recent lower low formed at the $18.56 mark on Friday. In order for Volkswagen to negate the downtrend, the stock will need to print either a higher high above the most recent lower high or retrace to print a higher low above the most recent lower low.
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Photos: Courtesy Volkswagen and Tesla