Tesla shares at record high amid Model Y peek, ahead of Model 3 production

Tesla stock is zooming ahead, trading at record highs most of the week — it has risen more than 8 percent this week and is up about 71 percent so far this year.

Besides analysts feeling bullish about the electric-vehicle maker — at least one raised his price target for the company’s shares earlier this week — CEO Elon Musk spoke at the company’s shareholders meeting Tuesday and got people excited, as usual.

For one thing, the company gave a sneak peek of its next vehicle, the Model Y, a small SUV. An image shown at the shareholders meeting made the rounds on Twitter, with the biggest buzz around the fact that the car has no side mirrors.

Also, Musk talked about a big expansion: He said he’s giving “serious consideration” to three new factories, and envisioned having up to 10 to 20 plants worldwide eventually. He said the Fremont factory is “bursting at the seams.”

Tesla is getting ready to start making the Model 3, its first mass-market vehicle, this summer. Musk said customers will be able to configure their electric sedans online next month, and mentioned that those who have yet to make a reservation (in the form of plunking down a $1,000 deposit) will have a long wait. The Model 3, which starts at $35,000, is scheduled to begin production in July.

Musk has said he wants to boost production to 500,000 vehicles a year in 2018. Tesla made nearly 84,000 vehicles in 2016.

Tesla, which surpassed Ford in market value in April, now has a market capitalization of $61.43 billion to Ford’s $43.94 billion. Tesla shares are up about 2 percent to nearly $367 at the moment.

 

Photo: A view outside Tesla’s Fremont factory in 2012. (Paul Sakuma/AP)

 

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  • Bill Tobey

    Take away the grants, low cost loans, tax credits, etc, etc, given by the Feds ,states, & local governments and Tesla & Solar City will be bankrupt

    • Tyler V Hoa

      Right because Big oil, coal, and nukes Nver got any grants, low cost loans, tax credits, etc, etc, given by the Feds ,states, & local governments ?!?

      • althink

        Effective tax rates vary by industry. When all taxes are considered mining companies are among the most heavily taxed industries. At least any subsidies to those companies benefit all consumers equally. Subsidies to Tesla and too many other green industries subsidies are mostly welfare for the rich and connected.

        • Tyler V Hoa

          Fake news

        • pbensh77

          Point was those new industries were subsidized when first starting out. Now they are taxed because they were found to be dirty and heavy polluters.

          You know what happened when London stopped burning coal/wood for heat? Layers and layers of dirt and dust on buildings started to wash away and the ugly, gray city buildings were shown to be vibrant, colorful and clean.

        • HappyTruth

          What a load of fake, carcinogenic noise.

    • leafmen

      You must also believe the earth is flat… and that a 100+ year old propulsion technology with less than 20% efficiency is something to be proud about in this day and age. And of course the auto (ICE) industry had no help whatsoever such as dismantling the railway system by the powers at that time.

    • JB

      OK, take that away form Ford, GM, Nissan, Chrysler, Nike, Alcoa, Shell, Intel . . .

  • liberalsim is the problem

    make a small 2 door coupe with futuristic edgy styling and ill buy it

    • MechanicalSubject

      They did. It’s called the Tesla Roadster. 0 to 60 mph in 3.7 sec.

      • JB

        Yeah, it was the first car they made and upgraded it to a 340 mile range

 
 
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