Tesla's cheaper 'Model Q' on the way and likely new China EV, analyst says following Tesla meeting

Published On Dec 10, 2024, 11:45 AM

Tesla is set to launch a new affordable model called 'Model Q' expected to be priced under $30,000, targeting a wider market. This model is part of Tesla's strategy to increase its total addressable market (TAM) by introducing additional vehicles, including a 3-row Model Y for China. Analysts, including those from Deutsche Bank, are favorable about Tesla's growth prospects and have raised the stock price target to $370, citing these new product launches. Despite some concerns about demand and production capacity, Tesla anticipates a volume growth of 25%-30% next year driven by enhanced production capabilities.

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Stock Forecasts

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Positive

The introduction of the Model Q and the 3-row Model Y variant is likely to stimulate demand and expand Tesla's customer base, aligning with the growing trend for more affordable electric vehicles. This could bolster Tesla's sales and market share, leading to a bullish outlook from analysts.

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