Tesla Inc (NASDAQ:TSLA) is in the spotlight after the company updated its online design studio to lower the price of the cheapest car, the Model S with 75kWh, to $69,500. That’s down $7,500 for that edition but still $1,500 more than the discontinued 60kWh Model S, which customers can no longer buy. In addition, Tesla plans to execute ‘slight price increases’ to the P100D and 100D, which are Tesla’s higher tier models. Given that consumers who buy those editions are less price sensitive on the account of their purchasing power, demand for the P100D and 100D will hopefully not change much. The 100D currently has the distinction of being the electric vehicle on the market with the longest range, with the ability to go 335 miles on a single charge.
Despite the news, Tesla Inc (NASDAQ:TSLA) is down 0.55% in afternoon trading likely due to profit taking.
What Does The Smart Money Sentiment Say?
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Tesla is a battle ground stock. On the long side is 38 funds tracked by Insider Monkey which accounted for 3.50% of the float on December 31. On the short side are likely numerous funds that account for 26% of the float.
The Bottom Line
Tesla Inc (NASDAQ:TSLA) is trending due to the news that it will raise prices for the 100D/P100D. For more reading, check out ‘10 Most Expensive Cars Ever Sold At Auction‘.