EV maker Tesla (TSLA) just launched a new version of its popular Model Y SUV called the Model Y Performance. For now, it’s only available in Europe, where Tesla sales have recently dropped, but it’s expected to launch in other countries soon. While Tesla already made some upgrades to the Model Y last year, this Performance model adds even more changes, especially when it comes to speed, handling, and design. Indeed, the new version has a new front and back design, new wheels and tires, and carbon fiber pieces to improve aerodynamics.
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More importantly, it includes upgraded motors and higher-density batteries that let it go from 0 to 60 miles per hour in under 3.5 seconds. Tesla also added an adjustable suspension for improved driving control, new drive modes for a sportier driving experience, and upgraded the interior with sport seats, better soundproofing, and a larger 16-inch touchscreen. As a result, the new model costs around €62,990 ($73,690) in Europe, compared to the base model’s €45,990 ($53,800), and it offers a range of 360 miles.
It is worth noting that Tesla will likely release the Model Y Performance in the U.S. soon, possibly at a slightly higher price than the previous model’s $52,000 starting point. Tesla hopes that this more exciting version of the Model Y will help boost sales, especially as the company deals with rising competition and mixed public opinion around Elon Musk. There are also hints that a cheaper Model Y is coming to the U.S. soon, especially after the $7,500 federal tax credit expires.
What Is the Prediction for Tesla Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, 15 Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $305.37 per share implies 8.3% downside risk.
