Electric vehicle giant Tesla Inc ( TSLA ) will be the earnings report that everyone will be watching this week, market strategist Jay Woods told Benzinga in an interview, ahead of a second-quarter earnings report set for July 23.

What Happened: Tesla shares are up 31% in the last month, but remain off of their all-time highs. Freedom Capital Markets Chief Global Strategist Woods said Tesla's earnings report comes as the stock is the only Magnificent Seven member which has not gotten back to all-time highs.

"Tesla's the one we're all gonna be talking about," Woods told Benzinga.

Woods said Tesla has made a move, but is now pausing after delaying the Aug. 8 robotaxi event.

"The results will, I'm sure, speak for themselves."

The market strategist said moves in Tesla's stock are often contributed to what's next and not what happened.

Woods said investors want to hear about autonomous vehicles and robotaxis and will now have to wait until October.

"The EV story is starting to slow."

Electric vehicle stocks are not doing well and electric vehicle sales outside of the "Blue States" could face challenges, Woods added.

He said people favor their trucks, and with gas prices decreasing and the potential return of Donald Trump to the White House, EVs might continue to face challenges.

"If this Trump trade continues, I don't think the EV space is really going to benefit."

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Why It's Important: The good news for Tesla according to Woods is that Tesla doesn't always get lumped in with electric vehicle stocks.

"It is a tech stock, first and foremost," Woods said when asked if Tesla is an EV stock or technology stock.

Woods said, "Tesla is an Elon Musk and a technology story first, EV story last."

Woods said Ford and General Motors have struggled in recent years and the automotive sector is tough. Automotive stocks can have good pockets of movement, but often times show no consistent growth for shareholders, Woods added.

For Tesla, it's about the next move and their CEO, Woods said.

"It's Elon Musk."

Woods said Musk is building a relationship with Trump, which comes after the Biden administration didn't look to him for anything.

"What Elon Musk has done is revolutionary. You talk about somebody that's been an innovator, that's why you buy Tesla. You don't buy it because you think EVs are going to revolutionize the world."

TSLA Price Action: Tesla shares trade at $247.37 on Monday, versus a 52-week trading range of $138.80 to $278.98. Tesla stock is down 3.7% year-to-date in 2024.

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Image: Benzinga and Midjourney.