The Tesla stock price has been rising rapidly lately, with TSLA currently standing right around $170, which means it’s up almost four percent for the day.
As previously reported by The Inquisitr, a Tesla Model S recall threatened the Tesla stock price but Elon Musk managed to shoot down any rumblings over those issues.
Fourth quarter sales of the Tesla Model S beat expectations by 20 percent, selling 6,900 vehicles which was a 25 percent improvement over even the last quarter. Robert W. Baird analyst Ben Kallo upgraded the stock to “Outperform,” saying the target price for the Tesla stock is $187.
The company also plans on doubling the number of showrooms and service centers the United States in order to keep up with growing demand. But they’re also planning on expanding overseas into Asia:
“In Asia, China is a market that looks very interesting to us where we think the Model S can do very well. We’ve already opened a store in Beijing.”
But what could make the Tesla stock price really take off is the impending 2014 release of the Tesla Model X SUV. Unfortunately, the Detroit Auto Show didn’t feature the Tesla Model X as a major announcement and instead focused on the Tesla Model S. Representatives spent their time fielding questions about the OTA update for the car, battery charger issues, battery fires, and the launch of the promised charging stations. The Model X was mentioned but only to say it wasn’t finished yet and that they were “vigorously” trying to push toward the planned release date.
We also don’t know much about the 2014 Tesla Model X other than the concept photos showing a falcon-wing door design for the rear doors. We also know it highly resembles the Model S although it appears stretched in order to accommodate a third row of front-facing seats. The Tesla Model X engine will use essentially the same platform except the Model X will come with an optional all wheel drive configuration. You can also choose your battery size of 60-kWh or 85-kWh, with the larger battery capable of going 300miles. If the $49,900 standard price seems affordable to you, the more expensive performance model claims to hit 60 mph in under five seconds.
The company was pretty much silent when it came to the Tesla Model E at the Detroit Auto Show. This makes sense since the Tesla Model X is the big news of 2014, but rumors claim Tesla Model E will make its debut at the 2015 North American International Auto Show.
So what could all this mean for the Tesla stock price? It peaked at $194.41 in September of 2013 only to pull back to $115.08. While a correction like that was expected how quickly TSLA rose in 2013, if predictions for 2014 are correct then the Tesla stock could potentially beat it’s old record high.