On December 9, 2024, Tesla (TSLA) shares rose 2% in premarket trading, nearing the $400 threshold, a level not seen since January 2022. The stock had a notable performance last week, gaining nearly 13% and closing at 389.22 on Friday.
Bank of America analyst John Murphy raised his price target for Tesla from $350 to $400 after visiting the Texas gigafactory, citing strong growth potential in 2025 driven by its core EV business and the anticipated launch of its robotaxi.
Despite a 38% increase in vehicle deliveries to 1.8 million in 2023, Tesla projects only slight growth in 2024. CEO Elon Musk indicated that vehicle sales could grow by 20%-30% in 2025, with rumors of a new 'Model Q' hatchback priced around $30,000.
Analysts have mixed views on Tesla’s demand trends. Goldman Sachs analyst Mark Delaney adjusted his Q4 deliveries estimate to 510,000, down from 515,000, and noted that Tesla may not meet its 2024 delivery goals. Meanwhile, sales in China have shown resilience, with November figures reaching 78,856 vehicles sold, marking a 12% increase from the previous year.
As the company navigates challenges in the U.S. and Europe, the focus remains on sustaining growth in the competitive EV market.