Tesla gains after Elon Musk announced lower-cost Model 3 (TSLA) – Finance

  • tesla CEO Elon Musk announced on Thursday on Twitter that a cheaper model 3 was immediately available for ordering on the company's website.
  • An electric car will have a base price of $ 45,000 and will be eligible for federal and state taxes.
  • Tesla shares at the beginning of Friday rose 2.2%.
  • See real-time trading in Tesla here.,

Tesla shares rose early Friday, to 2.2%, after the CEO Elon Musk showed cheaper model 3 the sedan was ready to order on the company's website.

“I just released a cheaper, average Tesla Model 3 model and a super simple new order page,” wrote Musk on Thursday evening on Twitter. The base price is $ 45,000, vehicles delivered before 2019 eligible for federal and state discounts that can reduce the cost to $ 35,000 in California. Musk said that real value the sedan will be closer to $ 31,000 after saving gas.

Until Thursday, the company offered only more expensive versions of the sedan. The performance of model 3 has a base price of $ 64,000, but it does not include parameters such as the popular autopilot driver support system.

"For us, the release of the average model of the 3rd model seems to be the logical next step," wrote a team of analysts Evercore ISI, led by Arndt Ellinghorst, in a note sent to customers on Friday. “However, for stocks, we do not believe that this new model will change the entrenched positions of the majority of Tesla’s followers.”

Tesla's stock price has fallen by more than 30% since its high on August 7, the day Muscle tweeted that he had “funding secured,” to take an electric car in private ownership at 420 dollars per share. Muscul was not secured, and he later settled with the Securities and Exchange Commissionwho accused him of misleading the public. As part of the settlement, he agreed to resign as chairman for at least three years and pay a fine of $ 20 million.

But the damage was caused to Tesla shares, which are traded near their lowest level since January 2017. Traders will closely monitor that in the coming days it will remain above the level of $ 250 – a key technical level.

“The big and unanswered question is whether Tesla will be able to achieve and maintain the target gross margin for the Model 3, as the mix worsens and the average RpU falls?” Asked Evercore analysts.

“Obviously, TSLA believes that this may be associated with lower costs and an increase in scale. Bears, for obvious reasons, doubt. Investors will probably have to wait another 12 months to be fully known. ”

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(Insider Markets)

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