Tesla Chief Executive Elon Musk will reportedly show off the EV giant's upgraded Model 3 vehicle when he tours the Tesla Shanghai plant on Thursday as part of his first trip to China in years. TSLA rose Wednesday.
The global EV company is set to tease the Model 3 vehicle, showing off the prototype Thursday, Bloomberg reported Wednesday. The new Tesla Model 3 will reportedly be longer and sportier than the current version, according to Bloomberg. Other reports have said the "Highland" Model 3 project is aimed at lowering costs.
Tesla has never officially confirmed the Model 3 upgrade.
The U.S.-based EV company is facing competition from China automakers BYD, Li Auto, Nio and XPeng, all of which have all rolled out new vehicles for consumers.
Elon Musk's First Time In China Since Covid
In February, there were reports that Tesla was pausing operations at its Shanghai plant so it could retool the facility for new Model 3 production lines. Tesla has not confirmed reports it has been working on a new Model 3 sedan.
Tesla Shanghai has slashed Model 3 production recently, according to various reports, with speculation it is in preparation for the revamped Model 3.
The reported unveiling of the new offering comes as Elon Musk arrived in Beijing Tuesday, meeting with China's foreign minister. It's Musk's first visit to China since 2020.
Tesla Stock
TSLA shares shook off early losses and rose 1.4% to 203.98 in Wednesday's market trade, holding above the 200-day line.
Shares jumped 7.2% last week and popped 4.1% on Tuesday, moving above the 200-day line for the first time since September. TSLA is up 22% in May has advanced 80% from a January low.
The stock has formed a cup base with a 207.89 buy point. The pattern could also be read as a double-bottom base, but the buy point remains the same. The base, until this week, has formed below the 200-day, which is not ideal. But the 200-day line is now below the 200 level, below the buy point.
The stock ranks seventh in IBD's automaker industry group. TSLA has a 75 Composite Rating out of 99. The stock has a 39 Relative Strength Rating. The EPS Rating for Tesla stock is 93 out of 99.
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