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Tesla confirmed the unveiling of its Model 3 on its event in Hawthorne, California this March 31.

The electric vehicle producer invited the press on its car show event to launch its first mass-market vehicle. As reported, the Model 3 is considered to be the last token of Tesla to venture in a more market friendly unit.

The firm is well known for its costly vehicles which accumulate around tens of thousands only far from the number of units sold by its major competitors. In response to this, CEO Elon Musk affirmed that a half million vehicles per annum would be needed to be profitable.

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Tesla managed  to sell 52,000 vehicles last year globally and as for this year the company perceives around 83,000 to 93,000 units to be sold with the inclusion of Model X and Model S respectively.

It was just few years ago when Tesla announced its 3 stage plans which includes stage 1:High Price, Low Volume, stage 2: Mid Price, Mid Volume and finally stage 3: Low Price, High Volume. Further to this, Tesla started with an upscale sports car, then it launched a mid-priced luxury sports sedan and a car priced for the masses followed.

For the record, around 2,450 units of the Lotus-based Roadster were sold in 30 countries. This model was introduced in the market in 2008 and cost $98,000. Afterwards, they released Model S with an initial price of $50,000 in 20121, but later on they settled the price to $76,200. The all-wheel-drive unit has 70-kilowatt-hour pack.

It’s not long before the company jumped in producing an electric car which is at the same time very price-friendly. In connection with this, Tesla successfully launched its Model X crossover.

The new Model 3 will be available in the market in 2017 or in 2018 and will have a starting price of $35,000 before tax breaks. It is expected to be much smaller than the Model S and they might use steel instead of aluminum on its construction. Specifically, the new model will have the Gigafactory to supply its battery needs.

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“For better or worse, most of model 3 has to be new. With the X, we were able to build on a lot of common components with the S, but with the Model 3 we can’t do that. We are inventing a whole new platform for Model 3. It’s a new battery architecture, a new motor technology, a brand-new vehicle structure,” the Chief Technology Officer JB Straubel said.

Tesla Motors Inc., traded higher at $218.34, an increase of 1.48 percent after opening at $214.27 on the session earlier. The stock had a session high of $218.97 and a session low of $211.50. Currently, it has a market capitalization of $29.90 billion, with an average trading volume of 4,792,180.

Based on the recent filing with the Securities and Exchange Commission, Oppenheimer & Co. Inc adjusted its position in Tesla with additional 74.8 percent during the fourth period.  Some of the institutional investors such as Marcus Capital, Reynolds Capital Management and Trillium Asset Management LLC., modified their holdings of Tesla as well.

The American based automotive industry has a 5—day moving average of $181.95 and a 200-day moving average of $216.69. It has a 52-week high of $286.65 and a 52-week low of $141.05. According to the latest quarterly earnings report of Tesla, the firm earned $1.75 billion lower than the $1.81 billion expectation of the analysts.However, the quarterly revenue of the company climbed by 59.5 percent.

There are nine investment analysts who have issued a Hold rating for the stock, while twelve gave Tesla a Buy rating. At the moment, the company has a consensus price target of $261.99.

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