Tesla Inc nasdaq Tsla Stock Slips As Model 3 Upgrade Announcement Looms

Tesla, Inc. (NASDAQ: TSLA) Stock Slips as Model 3 Upgrade Announcement Looms

Elon Musk, the Chief Executive of Tesla (TSLA), is set to unveil the highly anticipated upgraded version of the Tesla Model 3 during his visit to the Tesla Shanghai plant on Thursday. This move comes as Tesla faces tough competition from Chinese automakers like BYD, Li Auto, Nio, and XPeng, who have all released new models recently.

According to Bloomberg’s report on Wednesday, Tesla will provide a sneak peek of the Model 3 prototype on Thursday. The new version of the Model 3 is expected to be longer and sportier compared to the current model, and it may also be part of Tesla’s cost-cutting efforts under the “Highland” Model 3 project, as indicated by other sources.

However, Tesla has never officially confirmed the Model 3 upgrade.

In response to this news, Tesla, Inc. (NASDAQ: TSLA) experienced a slight decline in its stock price on Wednesday afternoon.

Tesla shares experienced a 1% decline, reaching $199.08 during Wednesday’s afternoon trading session. However, the shares had a substantial increase of 7.2% last week and rose by 4.1% on Tuesday, surpassing the 200-day line for the first time since September. TSLA demonstrated a notable performance in May, surging by 22% and registering an 80% increase from its January low.