What's Going On With Tesla Stock?

What's Going On With Tesla Stock?

Tesla Inc TSLA shares are trading lower Tuesday, pulling back after rising Monday on reports suggesting the Elon Musk-led company is working on a revamped Model 3 vehicle.

What To Know: Tesla is in the process of rolling out an improved version of its Model 3, codenamed "Highland," according to Reuters.

The report indicates that Tesla aims to reduce complexity in the interior of the vehicle and focus on improving features that Tesla customers value, such as the display. The revamp could also include some changes to the Model 3’s exterior and powertrain performance.

Tesla is expected to produce the redesigned Model 3 in Giga Shanghai, as well as the company’s Fremont, California plant. Production in Giga Shanghai is expected to commence in the third quarter of 2023. 

What Else: Tesla will host a special "delivery event" for the Tesla Semi at its factory in Nevada this week.

The first Tesla Semi designed for a commercial customer is set to be delivered on Thursday. Tesla previously said it aims to ramp up Semi production to 50,000 electric trucks per year by 2024.

Lastly, nearly 75% of institutional investors surveyed by Morgan Stanley blamed the Twitter situation for a significant portion of Tesla's recent underperformance, analyst Adam Jonas said in a note

About 40% of respondents believe the Twitter situation has accounted for at least half of the recent weakness in Tesla shares. Approximately 65% believe the Twitter acquisition will have a negative impact on Tesla’s business going forward. 

Related Link: Tesla Institutional Investors See This As Major Reason Behind Stock's Underperformance, Morgan Stanley Survey Reveals

TSLA Price Action: Tesla has a 52-week high of $402.66 and a 52-week low of $166.18.

The stock was down 1.31% at $180.53 at time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.

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