Tesla Inc has reduced prices of particular Model 3 vehicles in China by up to 7.6%. The auto maker said that the starting price for a Model 3 in the worlds largest auto market was now CNY 499 000 (or approximately $72,327).
Tesla shares closed lower for the sixth time in the past eight trading sessions on NASDAQ on Monday. It has also been the steepest daily loss since September 28th. The stock went down 7.62% ($24.38) to $295.39, after touching an intraday low at $295.25, or a price level not seen since October 24th ($285.73).
Shares of Tesla Inc have retreated 5.13% so far in 2018 compared with a 7.77% drop for the benchmark index, Nasdaq 100 (NDX).
In 2017, Tesla’s stock surged 45.70%, thus, it again outperformed the Nasdaq 100, which registered a 31.52% return.
This has been the third price adjustment, which Tesla Inc introduced in the Chinese market during the past two months. In November, the prices of Teslas Model X and Model S vehicles were slashed by 12% to 26%.
Last month the US electric car maker announced that it was “absorbing a significant part of the tariff to help make cars more affordable for customers in China”.
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $324.00, with a high estimate of $530.00 and a low estimate of $100.00. The median estimate represents a 9.69% upside compared to the closing price of $295.39 on December 24th.
The same media also reported that 12 out of 35 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 8 analysts had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:
Central Pivot Point – $332.45
R1 – $353.02
R2 – $386.28
R3 – $406.85
R4 – $427.43
S1 – $299.19
S2 – $278.62
S3 – $245.36
S4 – $212.11
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