According to a statement by Tesla Inc on Friday, a single battery module was the cause of fire eruption in a parked Model S vehicle in Shanghai on April 21st. The auto maker also said its vehicle settings had been revised, so that batteries could be further protected.
Tesla shares closed higher for a second consecutive trading session on NASDAQ on Friday. The stock edged up 0.28% ($0.62) to $223.46, after touching an intraday high at $225.17, or a price level not seen since June 26th ($227.23).
Shares of Tesla Inc have retreated 32.85% so far in 2019 compared with a 21.19% 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.
In a statement posted on Tesla’s Weibo social media account, the company said that the joint investigation team had carried out an investigation and analysis of the battery, software, manufacturing data and vehicle history, but had found no system defect. According to the statement, a single battery module located at the front of the Model S car was the cause of the incident.
Tesla said that the charge and thermal management settings on its Model S and Model X cars had been revised through an over-the-air software update, so that the battery could be further protected and its longevity increased.
China is the largest new energy vehicle market worldwide, with 1.3 million such vehicles sold in 2018. In June, the Chinese industry ministry requested that auto makers conducted safety investigations on waterproof protection, high-voltage harnesses, in-vehicle charging devices as well as battery boxes in their vehicles.
According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $234.00, with a high estimate of $530.00 and a low estimate of $140.00. The median estimate represents a 4.72% upside compared to the closing price of $223.46 on June 28th.
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, 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 – $222.68
R1 – $228.01
R2 – $232.56
R3 – $237.89
R4 – $243.22
S1 – $218.13
S2 – $212.80
S3 – $208.25
S4 – $203.70
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