Tesla Accused of Slowing Supercharging Speed of Model S Vehicles

According to a report published by StreetInsider, Tesla (TSLA) has been directed to pay a compensation of $14,000 to affected car owners in Norway after it was found guilty of slowing down the supercharging speed of its Model S vehicles.

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The affected owners (with 85 kWh battery packs) said the drop was witnessed after they updated to Tesla’s 2019.16.1 and .2 software. (See Tesla stock charts on TipRanks)

A similar case had popped up in 2019 when owners of older Tesla Model S and Model X vehicles complained that their max range dropped significantly after a software update.

The report said the company plans on appealing the decision. Tesla said to have slightly increased the charging time and made changes in the use of superchargers. Also, the company said no specific charging pattern was entitled to customers and that the updates were targeted to increase the life of the cars.

Wall Street’s Take

Recently, Wedbush analyst Daniel Ives maintained a Buy rating on Tesla with a price target of $1,400 (27.9% upside potential).

The Street has a Hold consensus rating on TSLA stock based on 12 Buys, 6 Holds, and 7 Sells. The average Tesla price target of $938.52 implies 14.3% downside potential. Shares of the company have gained 92.5% over the past year.

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Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into TSLA’s performance.

In October, Tesla website traffic recorded a 13.2% year-over-year decline in monthly unique visits. However, year-to-date website traffic growth increased 1.7%, compared to the same period last year.