TESLA REPORTEDLY HAS OVER 3000 MODEL 3s LEFT, STOCK COLLAPSES
Tesla is currently trading at 303.90-lower by 8.68% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 8.97%. The stock has pared some of its losses after the opening bell.
Automotive news website Electrek reported on Monday that the electric-car maker had over 3,000 Model 3s left in it’s inventory in the U.S. as of Sunday (30th Dec.). The report further disclosed, while the company is expected to deliver some vehicles on the last day of 2018, it is not possible for Tesla to go through the whole inventory.
Tesla has been urging buyers to make use of the federal tax credit, with CEO Musk reminding them on Twitter on Saturday that the benefit would drop to half beginning 2019.
The automaker had earlier said it was doing everything to ensure those who ordered a vehicle as late as 20th Dec. could take delivery by 31st December, with the CEO promising to reimburse customers if delivery delays cause them to miss out on a significant tax credit.
Earlier this year, the company announced that orders placed by 15th of October would be eligible for the full tax credit of $7,500 and that customers would receive their cars by the end of the year.
On the technical front, the current price is below the MA5 (319.73) and MA20 (344.06). The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 306 TAKE PROFIT AT 301 STOP LOSS AT 309