Tesla closed 1.54% lower at $372.11 on Sept. 25 after BNP Paribas cut its price target to $268 from $280; UBS set a $385 price target. The company also began mass production of its Semi and plans to produce 50,000 trucks annually.
At a Nevada launch event, CEO Elon Musk touted the Semi’s lower per-mile electricity costs. The truck can travel 500 miles on a single charge when fully loaded. Some analysts questioned whether planned output of 50,000 trucks a year would materially affect earnings; the article also noted that Tesla’s autonomous-driving technology could be used in its heavy trucks.
Tesla traded 44.5 million shares, nearly 14% above its three-month average. The S&P 500 rose 0.51% and the Nasdaq Composite gained 0.48%; Rivian rose 1.18% and General Motors 2.56%.
