According to a Tuesday report by Bloomberg, citing sources with knowledge of the matter, Tesla Inc (TSLA) is considering to price its Model 3 vehicles produced in China between CNY 300 000 and CNY 350 000 (or between $43 402 and $50 636*) before subsidies.
Tesla shares closed lower for a second consecutive trading session on NASDAQ on Tuesday. The stock went down 1.01% ($1.93) to $188.70, after touching an intraday low at $187.87, or a price level not seen since May 23rd ($186.22).
Shares of Tesla Inc have retreated 43.30% so far in 2019 compared with a 14.98% gain for the benchmark index, Nasdaq 100 (NDX).
In 2018, Tesla’s stock went up 6.89%, thus, it outperformed the Nasdaq 100, which registered a 1.04% loss.
The final price is still under consideration, a source, who wished to retain anonymity as the matter is still private, told Bloomberg. At present, Model 3 vehicles, which are to be sold in China, are shipped from the United States.
Teslas facility in Shanghai will be of critical importance for Model 3 production, since the auto maker aims to expand its line-up and increase sales amid stiff competition in the largest auto market worldwide. Model 3 production at the Shanghai site is expected to be initiated this year.
The US electric car manufacturer intends to make an official announcement regarding its China-produced Model 3 vehicles on May 31st, according to a social media post by the company.
*(1 US Dollar equals 6.9121 Chinese Yuan)
According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $265.00, with a high estimate of $530.00 and a low estimate of $140.00. The median estimate represents a 40.43% upside compared to the closing price of $188.70 on May 28th.
The same media also reported that 11 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, other 9 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 – $194.75
R1 – $203.28
R2 – $215.93
R3 – $224.46
R4 – $232.99
S1 – $182.10
S2 – $173.57
S3 – $160.92
S4 – $148.27