Shares of Tesla Inc. dropped after what analysts described as an underwhelming reveal of the company's latest electric vehicle, the Model Y crossover.
Compared to past Tesla rollouts, the Model Y’s debut seemed to fall a little flat.
Tesla shares tumbled 5% Friday, to close at $275.43. The stock has dropped 20% over the last two months. Analysts have called the Model Y the most important vehicle in Tesla’s lineup. The demand for SUVs has jumped dramatically in the last five years, especially the market for smaller crossovers. And Tesla stands to make more profit from the Model Y’s higher prices compared to those of the Model 3, because the production cost differential between the two is not expected to be significant, Ramsey said.
Despite the potential for increased competition, Musk said Thursday that sales of the Model Y could outpace those of the company’s higher-priced Model S sedan, Model X SUV and the Model 3 combined.
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