UK Market Loses Model X and S
Tesla has made the decision to discontinue production of right-hand-drive versions of its Model S saloon and Model X SUV for the UK market. The move comes as a result of the mechanical and logistical complexity involved in converting the vehicles to right-hand drive. Instead, Tesla will focus on offering these models solely as left-hand-drive vehicles, allowing the company to streamline production processes and improve overall quality more effectively.
A representative from Tesla confirmed this decision, stating that customers who currently have reservation orders in the UK will have the option to purchase a left-hand-drive car from existing inventory. Alternatively, they can receive a £2000 credit (€2000 in Ireland) towards a Tesla Model 3 or Model Y, or they can choose to cancel their order altogether.
To provide an opportunity for Model S and Model X reservation holders to experience the left-hand-drive vehicles, Tesla has launched events in London between May 28 and June 30, allowing customers to test drive these models.
The transition to offering left-hand-drive cars in the UK market also means that customers can now place orders for the high-performance Plaid models, which were previously limited to the standard dual-motor cars since their unveiling in 2021. The current stock of Model S Plaid in the UK is priced from £114,930, while the X Plaid starts from £124,780.
It’s worth noting that Tesla has not yet fully scaled production of the updated Model S and Model X, as it has for their smaller counterparts, the Model 3 and Model Y. In fact, the company produced significantly more Model 3 and Model Y vehicles in 2022, with 1,298,434 units compared to just 71,177 units of the Model S and Model X. In the first quarter of 2023, Tesla built 421,371 Model 3s and Ys, along with 19,437 Model Ss and Xs.
While Tesla’s decision to discontinue right-hand-drive versions of the Model S and Model X may disappoint some UK customers, it is a strategic move by the company to optimize production and enhance efficiency. By focusing on left-hand-drive vehicles, Tesla aims to better meet demand, improve quality control, and provide customers with a more seamless experience. As the electric vehicle market continues to evolve, Tesla remains committed to offering innovative and high-performing vehicles to its customers in the UK and beyond.
TSLA Stock Forecast & Analysis
Tesla Inc’s stock forecast indicates that 48 analysts have an average target price of USD 203.81 for the company over the next 12 months, signaling a positive outlook and potential growth. The average analyst rating for Tesla Inc is “Buy,” suggesting that analysts recommend purchasing the stock.
According to Stock Target Advisor’s analysis, Tesla Inc’s stock is described as “Slightly Bullish” based on 10 positive signals and 5 negative signals they have identified. These signals consider various factors such as technical indicators, market trends, and fundamental analysis.
As of the last closing, Tesla Inc’s stock price was USD 172.08. Over the past week, the stock price increased by +6.75%, indicating a short-term positive trend. However, over the past month, the stock price declined by -7.88%, and over the last year, it experienced a significant decrease of -29.67%.