Tesla's (TSLA.O) stock saw a good increase on Wednesday, despite the flat performance of other electric vehicle manufacturers, Tesla still maintained a strong performance.

Part of Tesla's stock price increase is due to the upcoming new products from the company, while part is attributed to the unique nature of Tesla and its shares.

Tesla closed up 1.1% at $257.02, while the S&P 500 index and the Dow Jones Industrial Average fell 0.2% and 0.7% respectively.

Considering the performance of other auto stocks, this is a good performance for Tesla.

On Wednesday, Morgan Stanley (MS.N) analyst Adam Jonas downgraded the rating of America's Car-Mart from 'attractive' to 'neutral'. This essentially means Jonas believes investors should not hold auto stocks above the average level in their portfolios. He attributes this to factors such as rising inventory at American dealers, declining affordability of cars, and intensifying competition in the Chinese market.

Jonas downgraded the ratings of Rivian (RIVN.O) and Ford Motor from buy to hold, and downgraded the rating of General Motors from hold to sell. General Motors (GM.N) stock fell by 4.9%, Ford Motor (F.N) stock fell by 4.1%, while Rivian stock fell by 6.8%.

Jonas did not change the target price or rating for Tesla. He maintained a buy rating for Tesla and set a target price of $310. About 80% of his target price comes from factors outside of traditional auto business, such as Tesla's AI training and autopilot technology.

Tesla's stock price has also been affected by the increase in target price. Piper Jaffray analyst Alexander Potter raised Tesla's target price from $300 to $310, citing raised expectations. He rates Tesla as a buy.

An increase in the target price typically has a positive effect on the stock price, but Potter's increase is relatively small, so the impact on the stock price should be limited. He himself is a bull, so this small increase.

Tesla's shareholders may not be too concerned about Morgan Stanley's bearish industry assessment because they have many other things to focus on.

First, Tesla is expected to announce third-quarter delivery data on October 3, expected to perform well. Wall Street expects Tesla to resume growth. In the first half of this year, Tesla delivered about 831,000 vehicles, a decrease of about 7% year-on-year. Analysts expect third-quarter deliveries to reach about 460,000 vehicles, an increase of about 6% year-on-year.

Baird analyst Ben Kallo believes the situation may improve slightly. He predicts that 480,000 vehicles will be delivered in the period from July to September.

"Tesla's recent situation is attractive," Kallo wrote in a report on Wednesday. "We believe that based on Chinese insurance registrations, our communication with the investor relations department, and other third-party data, the data shows a positive trend."

Even if deliveries do not meet expectations, the robotaxi event scheduled for October 10 may provide another catalyst for the stock price. He wrote that the third-quarter earnings report will be released a few days after the event.

Wall Street expects Tesla's third-quarter earnings to be 60 cents per share, lower than 66 cents in the third quarter of 2023. Although a decrease in earnings is not what investors hope to see, 60 cents is an improvement compared to 52 cents in the second quarter.

The nature of Tesla shareholders may also be another reason why the stock outperforms General Motors and Ford. Those who hold Tesla stocks are typically growth investors, while they are not interested in Ford and General Motors stocks. In addition, shareholders of General Motors and Ford are usually value investors who are unwilling to pay 80 times the estimated earnings in 2025 for Tesla stocks. Therefore, the impact of NVIDIA(NVDA.O) stock price rising 1.8% during midday trading may be just as crucial for Tesla's stock price as its automotive peers.