You’re here (TSLA) Chief Executive Elon Musk will showcase the electric vehicle giant’s upgraded Model 3 vehicle when he visits Tesla’s Shanghai factory on Thursday as part of his first trip to China in years. TSLA rose on Wednesday.
The global electric vehicle company is set to tease the Model 3 vehicle, showing off the prototype on Thursday, Bloomberg reported on Wednesday. The new Tesla Model 3 would be longer and sportier than the current version, according to Bloomberg. Other reports have indicated that the “Highland” Model 3 project is aimed at reducing costs.
Tesla has never officially confirmed the Model 3 upgrade.
US electric vehicle company faces competition from Chinese automakers BYD (BYDDF), Li-Auto (LI), Nio (NIO) and XPeng (XPEV), all of which rolled out new vehicles for consumers.
Elon Musk’s first visit to China since Covid
In February, it was reported that Tesla was suspending operations at its Shanghai factory so it could retool the facility for new Model 3 production lines. Tesla did not confirm reports that it was working on a new sedan. Model 3.
Tesla Shanghai recently cut Model 3 production, according to various reports, with speculation that it is in the works for the revamped Model 3.
The announced unveiling of the new offer comes as Elon Musk arrived in Beijing on Tuesday, meeting with China’s foreign minister. This is Musk’s first visit to China since 2020.
TSLA shares shook off early losses and rose 1.4% to 203.98 in Wednesday trading, holding above the 200-day line.
Shares jumped 7.2% last week and 4.1% on Tuesday, topping the 200-day line for the first time since September. TSLA is up 22% in May advanced 80% from a low in January.
The stock formed a cup base with a buy point of 207.89. The pattern could also be read as a double bottom base, but the buying point remains the same. The base, so far this week, has formed below 200 days, which is not ideal. But the 200-day line is now below the 200 level, below the buy point.
The stock ranks seventh in the IBD automaker industry group. TSLA has a composite rating of 75 out of 99. The stock has a relative strength rating of 39. The EPS rating for Tesla stock is 93 out of 99.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
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