The stock price of Tesla Motors Inc (TSLA) has gone up by over 1.22% today till the late morning trading session. Since Wednesday, the stock has risen by over 3%. The stock closed at $206.43 on Thursday and has gone up over $209 today.
The California based company is an American automotive and energy storage company that designs, manufactures, and sells electric cars, electric vehicle power train components, and battery products. During the first quarter of 2013, Tesla posted profits for the first time in its history. Tesla first gained widespread attention following their production of the Tesla Roadster, the first fully electric sports car. The company’s second vehicle is the Model S, a fully electric luxury sedan, which was followed by the Model X, a crossover. Its next vehicle is the Model 3.
Global Model S sales passed the 100,000 unit milestone in December 2015, three and a half years after its introduction. The Model S was the world’s best selling plug-in electric vehicle in 2015. As of June 2016, the Model S ranks as the world’s second best selling plug-in car in history after the Nissan Leaf. As of 30 June 2016, Tesla Motors has sold almost 140,000 electric cars worldwide since delivery of its first Tesla Roadster in 2008.
Meanwhile, Tesla carried out a planned over-the-air software upgrade to its Autopilot software. The new driver-assistance software emphasizes radar over cameras. It would also will require to keep their hands on the wheel. Tesla has come under criticism over Autopilot after the death of the driver of a Model S running on Autopilot. Federal regulators are still probing that incident.
Also, Tesla has released its newest 8.0 update of its software. CEO Elon Musk announced this on his twitter page 2 days back, before its actual release. On its website, Tesla calls the update “a significant over-the-air overhaul of the Tesla touch screen. This release combines a modern interface and more intuitive Media Player with display improvements for Maps and Autopilot.”
Other smaller updates to Autopilot include increased responsiveness in stop-and-go traffic, showing the direction of vehicles on the instrument panel and redesigned Autopilot indicators. The map interface has been expanded to cover the entire touch screen, allowing drivers to see more content at one time as the zoom adjusts itself based on locations and the “control bar fades automatically for an uncluttered navigation experience.” Searching for destinations can be done with a single tap or voice command, and a single swipe can navigate to preset home and work destinations.
Our analysts have given a “BUY” rating to Tesla Motors’ stock. Today’s rise indicates a positive response from the market which has been persistent for the past few days. It is expected to go up the following week as well.