Make Room for Teslaâand Less Room for Energy, Financials, and Materials Published: Dec. 24, 2020 at 6:15 p.m. ET By Make Room for Tesla Dec. 23: On Monday, Dec. 21, Tesla (ticker: TSLA) replaced Apartment Investment & Management (AIV) in the S&P 500. Tesla was added to the S&P 500 Automobile sub-industry index within the S&P 500 Consumer Discretionary sector. Since Tesla is now the fifth-largest company within the S&P 500 by market value, sector weightings will changeâone quite dramatically. In particular, the Consumer Discretionary sector grew by 13.6% from its Dec. 18 representation within the S&P 500 of 11.2% to the 12.8% exposure as of Teslaâs date of entry on Dec. 21. In order to make room for Tesla, all other sectors initially shrank from as little as 1.2% for energy, to as much as 1.9% for financials and materials.