Shares of Tesla surged 12 per cent on Wednesday after CEO Elon Musk said the company would accelerate the rollout of more affordable electric vehicles, reversing a year-long skid that dropped the stock price by more than 40 per cent.
But Ives added that he is maintaining a “bullish investment thesis” thanks to what he anticipates will be a “Model 2.5” — a lower cost Tesla that Musk indicated could hit the streets by early next year in a call with analysts.
Tesla CEO Elon Musk pledged that his electric vehicle maker would roll out a more affordable model next year. Picture: James Devaney/GC Images “First impression for us is CEO Elon Musk is appeasing the market by accelerating new product launches,” Jefferies analysts led by Philippe Houchois said in a note.
Last month, a Reuters report indicated that Musk ordered his lieutenants at the company to abandon plans for an affordable option and to focus instead on developing autonomous robotaxis.The news agency responded by saying that it stood by its reporting.Instead, they discussed unidentified new models that appeared to be different products, without saying how many, what type or providing their target prices.
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