EV maker Tesla (NASDAQ:TSLA) has brought back a rear-wheel-drive version of its Model Y at a lower price tag in the U.S. The new version, priced at $43,990, comes in place of the all-wheel-drive Model Y the company discontinued last month.
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Additionally, the company has introduced a revamped Model Y in the fiercely competitive Chinese market at the same base price as before, $36,146. Tesla is also looking to tap into online channels to drive its topline in the country.
As new entrants continue to nibble at chunks of the EV market, Tesla’s third-quarter delivery and production numbers ended up disappointing investors. The company delivered 435,059 vehicles, compared to 466,140 vehicle deliveries in the prior quarter. Nevertheless, its full-year volume target of 1.8 million vehicles remains unchanged.
Amidst these market dynamics, Tesla is also facing a key civil lawsuit involving its Model 3 vehicle veering off a highway and hitting a palm tree. The company is accused of selling the car even after knowing that the autopilot feature and other safety systems were defective. Tesla, however, has denied liability and raised doubts about whether the autopilot was engaged during the incident.
What Is the Forecast for Tesla Stock?
Overall, the Street has a consensus price target of $272.38 for Tesla, along with a Moderate Buy consensus rating. Shares of the company have gained nearly 133% so far this year.
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