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Tesla (TSLA) Launches Affordable Standard Range for Model S/X
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In a bid to increase the affordability of its cars, Tesla, Inc. (TSLA - Free Report) launched standard-range trims on its Model S and X. These new cars have lower miles of range compared with the original models. The Model S standard range is available at a starting price of $78,490 with a 320-mile range, down from $88,490 with 405 miles of range, while the Model X standard range is available at a starting price of $88,490 with 269 miles of range, down from $98,490 with 348 miles of range.
Tesla discontinued the trim option in 2021 and started selling only the extended range and high-performance Plaid kits.
Recently, Tesla slashed the prices of two Model Y electric cars in China to combat rising competition in the domestic market. Escalating interest rates and the withdrawal of government subsidies have resulted in weakened demand for electric cars in China and other countries.
Per the information available on the company’s website, the new Standard Range trim weighs the same as the extended range, which means the vehicles sport the same battery pack and the range is limited by a software lock. The Tow Package is available with the Model X Standard Range.
Elon Musk, CEO of Tesla, hinted that the company is willing to trade margins for market share. The company also slashed the price of its basic Model Y and its lowest-spec Model 3 in the United Kingdom.
There is no information available on whether the standard range will be launched in the United Kingdom or not, but the launch in the United States raises the possibility.
During the second quarter of 2023, Tesla reported record deliveries and revenues due to price cuts on models but gross and operating margins shrunk due to higher costs involved in scaling up the production of new battery cells, the Cybertruck and other projects.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 13.5% and 120.2%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $1.43 in the past 30 days.
The Zacks Consensus Estimate for TM’s 2023 sales and earnings implies year-over-year growth of 10.7% and 27.6%, respectively. The EPS estimate for 2023 has increased by 97 cents in the past 30 days. The 2024 EPS estimate has moved up by $1.64 in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies year-over-year growth of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 7 cents in the past seven days. The 2024 EPS estimate has moved north by 8 cents in the past seven days.
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Tesla (TSLA) Launches Affordable Standard Range for Model S/X
In a bid to increase the affordability of its cars, Tesla, Inc. (TSLA - Free Report) launched standard-range trims on its Model S and X. These new cars have lower miles of range compared with the original models. The Model S standard range is available at a starting price of $78,490 with a 320-mile range, down from $88,490 with 405 miles of range, while the Model X standard range is available at a starting price of $88,490 with 269 miles of range, down from $98,490 with 348 miles of range.
Tesla discontinued the trim option in 2021 and started selling only the extended range and high-performance Plaid kits.
Recently, Tesla slashed the prices of two Model Y electric cars in China to combat rising competition in the domestic market. Escalating interest rates and the withdrawal of government subsidies have resulted in weakened demand for electric cars in China and other countries.
Per the information available on the company’s website, the new Standard Range trim weighs the same as the extended range, which means the vehicles sport the same battery pack and the range is limited by a software lock. The Tow Package is available with the Model X Standard Range.
Elon Musk, CEO of Tesla, hinted that the company is willing to trade margins for market share. The company also slashed the price of its basic Model Y and its lowest-spec Model 3 in the United Kingdom.
There is no information available on whether the standard range will be launched in the United Kingdom or not, but the launch in the United States raises the possibility.
During the second quarter of 2023, Tesla reported record deliveries and revenues due to price cuts on models but gross and operating margins shrunk due to higher costs involved in scaling up the production of new battery cells, the Cybertruck and other projects.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space include Oshkosh Corporation (OSK - Free Report) , Toyota Motor Corporation (TM - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 13.5% and 120.2%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by $1.43 in the past 30 days.
The Zacks Consensus Estimate for TM’s 2023 sales and earnings implies year-over-year growth of 10.7% and 27.6%, respectively. The EPS estimate for 2023 has increased by 97 cents in the past 30 days. The 2024 EPS estimate has moved up by $1.64 in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies year-over-year growth of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 7 cents in the past seven days. The 2024 EPS estimate has moved north by 8 cents in the past seven days.