Tesla stock jumps after hours as company announces accelerated launch of more affordable models
Key takeaways:
- Tesla stock rose in after-hours trading Tuesday.
- The company announced plans to accelerate the launch of more affordable models.
- Analysts say the move could boost Tesla's sales and market share.
Tesla's stock jumped in after-hours trading on Tuesday after the company announced plans to accelerate the launch of more affordable models.
The move is seen as a way to boost Tesla's sales and market share, particularly in markets where the company's current models are too expensive for many consumers.
Tesla's current lineup starts at around $45,000, which is out of reach for many consumers. The company has been working on a more affordable model for several years, but the launch has been delayed several times.
The company's announcement on Tuesday suggests that the launch of the more affordable model is finally imminent. Analysts say the move could be a major boost for Tesla's sales and market share.
"This is a big deal for Tesla," said Gene Munster, an analyst at Loup Ventures. "It's going to open up the market for Tesla to a whole new group of consumers."
Tesla's stock rose about 5% in after-hours trading on Tuesday. The stock is up about 20% year-to-date.
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