Tesla Inc (TSLA) said on Monday that it would begin to export Model 3 sedans produced in China to at least ten European countries, among which Germany, France, Switzerland and Italy, later in October.
Tesla shares closed lower for a third consecutive trading session on NASDAQ on Monday. The stock went down 2.01% ($8.84) to $430.83, after touching an intraday low at $428.93, or a price level not seen since October 9th ($426.46).
Shares of Tesla Inc have risen 414.94% so far in 2020 compared with a 33.22% gain for the benchmark index, Nasdaq 100 (NDX).
In 2019, Tesla Inc’s stock went up 25.70%, thus, it underperformed the Nasdaq 100, which registered a 37.96% gain.
Tesla aims to achieve a production rate of 150,000 vehicles this year at its facility in Shanghai.
“Support from Chinese government towards the industry, innovative local companies and customers embracing new technologies make China the best market for smart electric vehicles,” the US electric car maker said in a statement, cited by Reuters.
The company also said it intended to expand vehicle production, charging as well as sales network in China, the largest auto market globally.
Analyst stock price forecast and recommendation
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $346.50, with a high estimate of $800.00 and a low estimate of $40.00. The median estimate represents a 19.57% downside compared to the closing price of $430.83 on October 19th.
The same media also reported that at least 16 out of 37 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – as “Sell”. On the other hand, 10 analysts had recommended buying the stock.