Original post:
The highest print was $389.61 on September 18, 2017.
Today's top-tick: $389.28, currently $388.30 up 9.31 (+2.46%)
And the news?
Not much. Here's Bloomberg:
Tesla Inc. is considering cutting the price of its China-built Model 3 sedans by 20% or more next year, people familiar with the matter said, betting the move will lure buyers as the world’s biggest electric-vehicle market slows.
Tesla aims to lower costs by using more local components, allowing it to import fewer parts and avoid tariffs, said the people, who asked not to be identified discussing internal deliberations. Prices of the cars, which will be built in a new factory near Shanghai and start at 355,800 yuan ($50,800), will probably be lowered from the second half of 2020, they said.Chief Executive Officer Elon Musk is counting on the multibillion-dollar Shanghai plant -- Tesla’s first factory outside the U.S. -- to give it an edge over the likes of BMW AG and Daimler AG, which are also targeting China with new EV models. Price cuts would also pressure local incumbents such as NIO Inc. and Xpeng Motors to follow suit.“People shop on price — this will help grow the market share of electric vehicles,” said Bill Russo, founder of Shanghai-based consulting firm Automobility Ltd. “This will also force the competing products to make adjustments.”Tesla shares climbed as much as 2.4% to $388.15 shortly after the open of regular trading Wednesday, surpassing intraday highs reached when Musk sent his infamous August 2018 tweets about taking the company private. The stock has surged more than 50% since the carmaker reported a surprise third-quarter profit on Oct. 23.Tough MarketA 20% price cut would drop the starting price of the Model 3 below 300,000 yuan. Xpeng said last month its new P7 sedan will cost 270,000 yuan to 370,000 yuan....
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Failure to set the new AT high after getting so close isn't very positive. It may take another run (or two) to clear the 2017 level.
