Tesla Motors stock plunges to 52-week low after fatal Model X crash
The shares of the Silicon Valley-based electric-car manufacturer Tesla Motors plunged to a 52-week low this week, with the freefall of the company’s stock continuing on Wednesday.
The alarming drop in the previously high-flying Tesla stock is largely a result of the last-week fatal crash involving a Model X, as well as questions being raised about the company’s recent move to increase the production of Model 3. Investors have been worried for the last few quarters about Tesla’s ability to deliver on its promise.
As the company faced production bottlenecks, CEO Elon Musk has mentioned that Tesla Motors will do everything to deliver Model X cars to clients who have booked the electric vehicle. While some investors have sold the stock during the current downturn, others are considering it as a buying opportunity. Tesla stock price will mainly depend on Model 3 deliveries and Musk has earlier indicated that he is closely working with his team to improve vehicle deliveries.
As compared to the high valuation which the Tesla stock achieved on September 18, 2017 when it hit a peak of $389.61 a share, the recent freefall of the company’s shares has led to a significant drop in its market capitalization, to the tune of approximately $20 billion.
With Tesla’s shares presently spanning a bull and bear territory and trading down more than 17% since the beginning of 2018, Morgan Stanley analyst Adam Jonas as well as some other Wall Street analysts are of the opinion that the recent slump in Tesla shares has unfolded a great opportunity for buying the shares.
In a Wednesday note to clients, Jonas said that Morgan Stanley believes that it is “looking at one of the buying opportunities that many investors have been waiting for,” and added that any further fall in Tesla shares would offer “an opportunity to build an Equal-weight position in the stock.”
In a move which will enable Tesla Motors to commence the deliveries of its Model 3 Dual Motor and Performance versions to customers, the EPA has recently released its official ratings for the two versions.
Engineering research and consulting firm Munro & Associates has recently revealed that it has completed its teardown and analysis of Tesla’s Model 3 electric car.
The British Vehicle Rental and Leasing Association (BVRLA) has recently committed to a substantial increase in its electric-vehicle (EV) fleet by the year 2025.
The results of a survey conducted by British motoring group AA have revealed that 50% of the youth are eager to own an electric vehicle (EV).
In an official press release, electric vehicle maker Tesla Motors has disclosed the exact numbers pertaining to the production and delivery of its electric cars in the April-June 2018 quarter.
US electric vehicle maker Tesla’s exports to China are possibly on the verge of a possible slowdown because of a recent move by the Chinese government to increase import duties from the current 25% to a significantly high 40%.