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Model 3 drive event impresses; just 180 built in October - Elektrek

Published 11/09/2017, 07:47 AM
© Reuters.  Model 3 drive event impresses; just 180 built in October - Elektrek
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  • Tesla's (NASDAQ:TSLA) Model 3 exceeded expectations, says RBC's Joseph Spak, after his team hosted a drive event for the vehicle. The car, he says, feels like a smaller version of the Model S, but with a fresh view. He's guessing the current Model 3 production rate is about 700 per week, with that rising to 1.2K-2K by year-end. Spak rates the stock at Sector Perform.
  • "Better than advertised" is how Nomura's Romit Shah describes his test drive with the Model 3. It reinforces his view that the addressable market for the Model 3 is larger than that of the BMW 3-series, Mercedes C class, and Audi A4. He rates the stock a Buy with $500 price target.
  • Source: Bloomberg
  • In other news, Elektrek is reporting the building of 180 Model 3s in October, bringing total production to just over 440 units.
  • Shares are down 0.6% premarket to $302.50.
  • Now read: Tesla Q3 2017: Revising My Projections


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