On February 1st Tesla Inc began taking orders for a cheaper version of its Model 3 vehicle in China in an attempt to accelerate sales in the world’s largest auto market.
Tesla shares closed higher for the fifth time in the past ten trading sessions on NASDAQ on Friday. The stock went up 1.69% ($5.19) to $312.21, after touching an intraday high at $316.10, or a price level not seen since January 18th ($327.13).
Shares of Tesla Inc have retreated 6.19% so far in 2019 compared with an 8.62% gain for the benchmark index, Nasdaq 100 (NDX).
In 2018, Tesla’s stock surged 6.89%, thus, it outperformed the Nasdaq 100, which registered a 1.04% loss.
Tesla said that clients in China would now be able to order a long range, rear-wheel-drive version of the Model 3 for a starting price of CNY 433 000. Previously, customers in China were able to purchase a long range, all-wheel-drive version of Tesla’s Model 3 for as little as CNY 499 000.
At present, all the vehicles, which Tesla Inc sells in China, are imported there. However, the company is establishing a facility in Shanghai, which will allow it to produce Model 3 vehicles in the initial phase.
“It’s very important to get those cars, especially to China, as soon as possible. We hope the trade negotiations go well, but it’s not clear. But we need to get them there while there’s sort of a de facto – sort of a truce on the tariff war,” Teslas Chief Executive Officer Elon Musk was quoted as saying by Reuters.
According to a logistics source with knowledge of the matter, at least one cargo plane and two ships with Model 3 vehicles have been sent to China by the US electric car maker.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $327.50, with a high estimate of $530.00 and a low estimate of $200.00. The median estimate represents a 4.90% upside compared to the closing price of $312.21 on February 1st.
The same media also reported that 11 out of 32 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, other 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 – $305.35
R1 – $322.96
R2 – $333.70
R3 – $351.31
R4 – $368.91
S1 – $294.61
S2 – $277.00
S3 – $266.26
S4 – $255.51
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