Tesla revealed its highly anticipated Model Y crossover SUV on Thursday at the company’s design studio in Hawthorne, California.
On Friday, analysts said the newly released vehicle — production for which is expected to begin next year — has the potential to claw demand away from the Model 3.
Watch Tesla trade in real-time.
Wall Street on Friday digested what Tesla’s Model Y unveiling could mean for the electric automaker, but analysts spilled as much ink over existing models as they did the new crossover SUV.
Cautious analysts were concerned demand for the new vehicle could draw consumer demand away from the Model 3, compounding what’s already viewed by some as a core issue for the model.
‘Y Buy a Model 3?’ wondered Morgan Stanley’s autos analyst, Adam Jonas, in a report out on Friday.
Another Tesla analyst, Craig Irwin at Roth Capital Partners, said in a Friday note that the launch event was likely “pulled forward to distract from weak demand for the Model 3.”
The new crossover SUV’s four different versions will share the names of the Model 3 variants — Performance, Dual Motor AWD, Long Range, and Standard Range. The first three are expected to arrive in fall …read more
Source:: Businessinsider – Finance