Tesla Inc. teased its next-generation vehicle at the company’s first investor day Wednesday, but provided few details about the eagerly-anticipated vehicle, prompting a pull back in the company’s stock. The car maker’s stock fell in extended trading Wednesday and was down 6.5% before market open Thursday.
But Wedbush analyst Dan Ives believes that Tesla’s
TSLA,
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story remains compelling. “While there were no specific details for the lowered price next generation Tesla in the sub $30k range as the Street had been anticipating which will cause a knee-jerk modest sell-off this morning, the stage is set for this car to be produced and scaled globally,” he wrote, in a note released Thursday. Speaking during the event, Tesla executives said the company had to “fully rethink” its manufacturing process with the goal of improving assembly and making EVs faster and more cheaply, and with a smaller powertrain and lighter weight. Related: Tesla’s stock falls 5% as Elon Musk’s ‘Master Plan 3’ is short on details about both cars and finances The new powertrain will be easier to scale and much cheaper to produce, according to Wedbush’s Ives. “This in our opinion will set the stage for a sub $30k vehicle likely to be introduced in a separate event over the coming year with a late 2024 target date our estimate,” he wrote. Overall, Ives …