Tesla shares close lower on Tuesday, delivery waiting time for Model Y in China reduced once again

Tesla Inc (TSLA) announced on its Chinese website that the delivery waiting time for its Model Y vehicles in China had been reduced, the second time the US company makes such a decision in less than one month.

The waiting time for the rear-wheel drive Model Y SUV is now cut to 1 to 4 weeks, Tesla said.

Previously, the auto maker had reduced the waiting time for the same version of the Model Y to 4 to 8 weeks, as the company increased production at its Shanghai facility following production line upgrade.

Meanwhile, the delivery waiting time for other versions of the SUV and for Model 3 sedans still remains 12 to 20 weeks, the company said.

Tesla shares closed lower for a fourth consecutive trading session on NASDAQ on Tuesday. The stock went down 2.50% ($7.12) to $277.70, after touching an intraday low at $272.65. The latter has been a price level not seen since July 27th ($261.79).

The shares of Tesla Inc have retreated 21.17% so far in 2022 compared with a 16.37% 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 19 out of 30 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 6 – as “Sell”. The median price target on the stock stands at $314.58.