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Tesla (TSLA) stock jumped over 2% in the pre-market to trade at around $1,000. The company announced that the price of its Model S Long Range Plus will be reduced by $5,000.
Leading electric vehicle maker Tesla Inc (NASDAQ: TSLA) is stopping at nothing as it is fighting to keep its top position in the market amid the coronavirus pandemic. Despite the huge market disruption by the ongoing coronavirus crisis, its shares have been able to scale higher and anticipated to test even higher in the near future. Meanwhile, Tesla has revealed that its Model S Long Range Plus became the first car to get 402-mile EPA range rating.
TSLA shares are up 2.49% in the pre-market to trade around $1,015. The shares closed yesterday at $990.90 reciprocating to a change of about 5.95%. According to share performance, TSLA stock has added over 5% in the past five days, 22.63% in the last one month and 130.33% in the past three months.
The continued rise can be attributed to several fundamental factors that have given investors and Wall Street analysts confidence in the ability of the Elon Musk-led team to deliver. Among the reasons, during the heightened coronavirus fear, Musk pushed for the Fremont Company reopening despite the local government’s warning on businesses to remain closed.
Another contributing factor that made the TSLA shares rise amidst coronavirus pandemic might be the increase in demand for its product especially in the china market and the greater Asian region. As the company continues advancing in the latest technology to deliver the best EVs in the market.
However, the company received a backlash after the oil industry suddenly crashed due to the low global demand. People turned to use a cheaper source of energy leaving the solar energy industry and EV industry affected.
As a long-term investor, Tesla shares are very bullish with the post-COVID-19 possibility of thriving being very high.
Tesla Tweaks Model S Long Range Plus
As a growing company in a dynamic industry, Tesla is constantly looking for ways to improve its product to compete on a better vantage point. On June 15, through its official webpage, the company announced that all the North American Model S Long Range Plus vehicles will have an official EPA-rated range of 402 miles, which will represent almost a 20% increase from the previous model.
Some of the new features expected in the new model will include a significant mass reduction in order to enhance the machine’s efficiency and also performance. The company’s engineering team will take huge lessons from previous models to improve on lighter materials used in the new Model S Long Range.
Other features include new aero wheels and tires, increased drive unit efficiency, maximizing regenerative braking, and continued investment in supercharging.
In addition, the company announced that the price for the new model will be reduced by $5,000, hence making it more accessible to middle-class income earners.