According to a Monday report by the auto website Electrek, Tesla Inc has lifted prices of its Model S and Model X vehicles in China by more than $20 000. This way the electric car maker becomes one of the first US companies within the auto industry to make such a decision amid strained trade relations.
In a response to the additional duty on $34 billion worth of Chinese imports, which the Trump administration imposed on July 6th, Beijing imposed retaliatory tariffs on auto imports from the United States.
Last week Ford Motor Co said that for now it would abstain from raising prices of Ford and luxury Lincoln vehicle models it imports in China.
Tesla shares closed higher for the first time in the past six trading sessions on NASDAQ on Monday. It has also been the sharpest daily surge since June 18th. The stock went up 3.11% ($9.61) to $318.51, after touching an intraday high at $318.52, or a price level not seen since July 3rd ($332.49).
Shares of Tesla Inc have risen 2.30% so far in 2018 compared with a 13.75% gain for the underlying index, Nasdaq 100 (NDX).
In 2017, Tesla’s stock surged 45.70%, thus, it outperformed the Nasdaq 100, which registered a 31.52% return.
According to the automotive news website, during the weekend Tesla raised the prices of the Model S and Model X by CNY 150 000 to CNY 250 000 ($22 600 to $37 600) in dependence on the car version.
Earlier this year, the price of Teslas Model X in China was reduced by up to $14 000 after the countrys government unveiled significant tariff cuts for imported vehicles.
In 2017, approximately 17% of Teslas total revenue was generated in China, the worlds largest auto market.
According to Reuters, about 15 000 vehicles are shipped by Tesla to the Asian country on a yearly basis.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $287.00, with a high estimate of $530.00 and a low estimate of $180.00. The median estimate is a 9.89% decrease compared to the closing price of $318.51 on July 9th.
The same media also reported that 11 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 6 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Tesla stock are presented as follows:
R1 – $319.47
R2 – $320.44
R3 (Range Resistance – Sell) – $321.40
R4 (Long Breakout) – $324.30
R5 (Breakout Target 1) – $327.68
R6 (Breakout Target 2) – $329.39
S1 – $317.55
S2 – $316.58
S3 (Range Support – Buy) – $315.62
S4 (Short Breakout) – $312.72
S5 (Breakout Target 1) – $309.34
S6 (Breakout Target 2) – $307.63
By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:
Central Pivot Point – $323.30
R1 – $350.38
R2 – $391.86
R3 – $418.94
R4 – $446.02
S1 – $281.82
S2 – $254.74
S3 – $213.26
S4 – $171.78
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