Elon Musk envisions a glorious future when fleets of Tesla robo-taxis earn money for Tesla owners and make all other automobiles instantly obsolete. So far this year, however, Tesla’s financial situation looks bleak.
The Model 3 costs far more than the $35,000 base car that Musk had promised and only recently put on the market. The average price of a Model 3 remains more than $50,000. The $7,500 federal tax credit for Tesla car buyers, following the terms of the program, was cut in half in January. It will be halved again in July, and will disappear after Dec. 31.
Most Wall Street analysts on average have soured on Tesla stock, lowering their target prices, with several suggesting that current Tesla stockholders sell now. But true believers remain, including Ark Invest, which has put a $4,000 target price on Tesla stock, with no date attached. Beyond robo-taxis, Musk is planning to manufacture a Model Y crossover, a roadster and a semi-truck. He said Monday an electric pickup truck will be unveiled later this year.
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