Tesla Continues to Change the Game With Model X and Model 3

Cars and Drivers

Published: September 3, 2015 3:10 pm

Last Updated: April 28, 2020 5:51 am

Tesla Motors Inc. (NASDAQ: TSLA) has been in the spotlight over the past year as the company continues to innovate in the automotive industry. Just now Tesla has changed the game again with its newest release. CEO Elon Musk announced in a tweet that the company will begin delivering its new Model X Signature series late this month.

The Model X will be priced between $132,000 and $144,000 while its future counterpart, the Model 3, will appeal more to the mass market at a price point of $35,000. However the Model 3 will begin production further on down the road, as confirmed by Musk.

Every Model X comes with all-wheel drive standard, powered by two independent, digitally controlled electric motors. What sets this apart from other luxury vehicles is its functional Falcon Wing rear doors that fold up and out of the way to allow easy access to third row seats.

The limited-edition Model X Signature series cars have features like self-parking and enhanced sound.

Musk commented about the Model 3 in a tweet:

Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed.

He continued in another tweet:

$35k price, unveil in March, preorders start then.

At the moment, not much is known about the design of the Model 3. But looking at other projects involved with its cars recently, Tesla has been adventurous. The unveiling of “insane” mode in the Model S might capture this sentiment best. Even the Falcon Wing doors on the Model X put Tesla’s cars in an entirely different class. It would be safe not to rule anything off the table when the Model 3 is unveiled in March.

A few analysts recently weighed in on Tesla:

Global Equities research reiterated a Buy rating with a $385 price target.
Stifel reiterated a Buy rating with a $400 price target.
Morgan Stanley has an Overweight rating with a $465 price target.
S&P Equity Research has a Sell rating with a $225 price target.

Shares of Tesla were down 0.7% at $246.02 on Thursday afternoon. The stock has a consensus analyst price target of $297.53 and a 52-week trading range of $181.40 to $291.42.

ALSO READ: Tesla P85D Better Than Perfect: Consumer Reports

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