Tesla ( (TSLA) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Tesla has recently made headlines with the unveiling of its new Model YL in China, a larger variant of the Model Y, which is expected to launch this fall. This move is seen as a strategic effort to strengthen Tesla’s position in the SUV market, not only in China but potentially in the U.S. and Europe as well. Despite the excitement surrounding the new model, Tesla’s stock has been experiencing volatility, with analysts offering mixed ratings. Goldman Sachs’ Mark Delaney views the Model YL as a positive step, although he maintains a Neutral rating on Tesla’s stock with a price target below current levels.
In addition to the new model, Tesla is making significant changes to its leadership team amid declining sales in key markets like North America and Europe. Raj Jegannathan, a veteran in Tesla’s IT and data departments, has taken over the sales team, a move that reflects the company’s efforts to address its sales challenges. Meanwhile, Tesla is also expanding its market reach by entering India, a move that has been met with cautious optimism due to the country’s complex market dynamics. Furthermore, Tesla is offering various discounts and incentives in the U.S. to boost sales before the federal EV tax credit expires, highlighting the company’s proactive approach to maintaining its market position.