Tesla Inc (TSLA) announced on Thursday that the delivery waiting time for its Model 3 and Model Y vehicles in China had been reduced, as the company increases production at its Shanghai facility following production line upgrade.
The waiting time for the rear-wheel drive Model Y SUV is now cut to 4 to 8 weeks, Tesla said. Meanwhile, the delivery waiting time for other versions of the SUV and for Model 3 sedans is now 12 to 20 weeks.
Previously, a buyer in China needed to wait for 8 to 24 weeks after ordering Tesla’s best-selling models.
The US company has finished a major upgrade of the production lines in Shanghai and output is being increased, as it aims to make 22,000 Model 3 and Model Y vehicles combined per week.
Still, the electric car maker is struggling to ramp up production at its facilities in Berlin and Texas, while output losses during a two-month pandemic-related lockdown in Shanghai delivered a blow to Tesla’s second-quarter profit margin.
Tesla shares closed lower for a third consecutive trading session on NASDAQ on Thursday. The stock went down 0.37% ($3.38) to $908.61, after touching an intraday low at $905.56 and an intraday high at $919.50 respectively.
The shares of Tesla Inc have retreated 14.02% so far in 2022 compared with a 10.12% loss for the benchmark index, S&P 500 (SPX).
In 2021, Tesla Inc’s stock went up 49.76%, thus, it outperformed the S&P 500, which registered a 26.89% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 18 out of 29 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 6 – as “Sell”. The median price target on the stock stands at $921.59.
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