Following meetings with investors where the EV giant offered plans for new vehicles and projects, Deutsche Bank increased its price objective for Tesla (TSLA, Financial) to $370 from $295 Monday, according a note from
analyst Edison Yu.
First half of 2025 will see Tesla introduce a brand-new vehicle called "Model Q." With subsidies, the car should be priced under $30,000; if the U.S. electric vehicle tax credit is revoked, Yu said, the price should be
$37,499. Along with the development of a passenger and cargo van, other forthcoming vehicles include a three-row, long-wheelbase variation of the Model Y targeted at the Chinese market.
Using rising production capacity at its current plants, the analyst also observed Tesla's optimism in posting a 25% to 30% volume increase in 2024. Still, demand worries remain unresolved; Goldman Sachs recently reduced its fourth-quarter delivery projections and reports last week of temporary furloughs at Tesla's Cybertruck manufacturing site.
As of midday trading Tuesday, Tesla's shares climbed over 3% completing a five-day winning streak. Moreover, it's important to note that TSLA stock is up over 25% in the past month alone continuing on its upward ascent.
