We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Tesla (TSLA) Hikes Prices of EVs Again, Model X Up by $6,000
Read MoreHide Full Article
Tesla Inc. (TSLA - Free Report) recently raised prices once again for all its car models in the United States in the face of the ongoing global supply-chain problems and escalating raw material costs.
The electric vehicle (EV) giant has increased the prices of its luxury EVs multiple times this year, including a significant hike twice in the same week of March when it charged $1,000 extra for all vehicles equipped with long-range battery packs. It issued a comparatively smaller increase on certain Model 3s in April.
It has yet again hiked prices across its lineup. Here’s a brief summary of the latest price increases.
The price of Model X increased from $114,990 to $120,990, but the Model X Plaid, priced at $138,990, has not yet been affected. Tesla Model S saw a price increase from $99,990 to $104,990. Like the Model X, the Plaid will remain the same at $135,990. Both versions of the automaker’s most popular Model Y, increased. The Long Range went from $62,990 to $65,990 and the Performance jumped from $67,990 to $69,990. The price of Model 3 increased from $54,490 to $57,990.
Previously, Tesla had said that the surging cost of lithium was responsible for price increases. Although Tesla has not provided any reason for the increase in prices this time, a number of other automakers have decided on the same. A combination of inflation, supply chain issues and slowed production in China are contributing factors for other automakers, so probably these apply to Tesla as well. During its first-quarter earnings call, the company had hinted at future production getting hampered by supply chain bottlenecks and inflation.
Tesla’s prominent competitor, Rivian Automotive Inc. (RIVN - Free Report) , also raised prices by more than $10,000 for new orders of its base model. Rivian noted that customers were opting for the high-end models, despite the price increases.
Shares of TSLA have gained 3.7% over the past year against its industry's 27% decline.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.6% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 49.6% over the past year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Tesla (TSLA) Hikes Prices of EVs Again, Model X Up by $6,000
Tesla Inc. (TSLA - Free Report) recently raised prices once again for all its car models in the United States in the face of the ongoing global supply-chain problems and escalating raw material costs.
The electric vehicle (EV) giant has increased the prices of its luxury EVs multiple times this year, including a significant hike twice in the same week of March when it charged $1,000 extra for all vehicles equipped with long-range battery packs. It issued a comparatively smaller increase on certain Model 3s in April.
It has yet again hiked prices across its lineup. Here’s a brief summary of the latest price increases.
The price of Model X increased from $114,990 to $120,990, but the Model X Plaid, priced at $138,990, has not yet been affected. Tesla Model S saw a price increase from $99,990 to $104,990. Like the Model X, the Plaid will remain the same at $135,990. Both versions of the automaker’s most popular Model Y, increased. The Long Range went from $62,990 to $65,990 and the Performance jumped from $67,990 to $69,990. The price of Model 3 increased from $54,490 to $57,990.
Previously, Tesla had said that the surging cost of lithium was responsible for price increases. Although Tesla has not provided any reason for the increase in prices this time, a number of other automakers have decided on the same. A combination of inflation, supply chain issues and slowed production in China are contributing factors for other automakers, so probably these apply to Tesla as well. During its first-quarter earnings call, the company had hinted at future production getting hampered by supply chain bottlenecks and inflation.
Tesla’s prominent competitor, Rivian Automotive Inc. (RIVN - Free Report) , also raised prices by more than $10,000 for new orders of its base model. Rivian noted that customers were opting for the high-end models, despite the price increases.
Shares of TSLA have gained 3.7% over the past year against its industry's 27% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
TSLA carries a Zacks Rank #3 (Hold), currently.
Better-ranked players in the auto space include Wabash National Corporation (WNC - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) , carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.6% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 49.6% over the past year.