Market News

Tesla Delivers Vehicles Without USB-C Ports — Report

The vehicles that Tesla, Inc. (TSLA) has delivered to customers recently are missing USB-C ports, StreetInsider.com said, citing media reports. These reports started with cars delivered on November 11.

Moreover, a few customers said that the company did not inform them that the USB ports were missing in the vehicles. Meanwhile, the wireless charging feature in some of these cars was also inactive.

Shares of the EV maker closed 1.9% down on Monday. The stock lost another 1% in the after-hours trading session to end the day at $1,003. (See Insiders’ Hot Stocks on TipRanks)

Tesla’s Response

Tesla has reportedly said that the global chip shortage has led to the absence of USB-C ports in the newly delivered vehicles. It added that the ports will be made available in December.

History Repeats Itself

In May, there were reports about the California-based company delivering vehicles without passenger-side lumbar support.

When the company received complaints about the same, it said that the part was not worth the additional cost as it was barely used.

Wall Street’s Take

Last week, Wedbush analyst Daniel Ives reiterated a Buy rating on the stock with a price target of $1,100 (8.6% upside potential).

The analyst said, “The underlying growth story for EV demand skyrocketing globally is the key fundamental driver for Musk & Co. into 2022. The linchpin to the overall bull thesis on Tesla remains China, which we estimate will represent 40% of deliveries for the EV maker in 2022. We estimate the China story is worth $300 per share to the Tesla story for 2022.”

Analyst Recommendation

Overall, the stock has a Hold consensus rating based on 10 Buys, 6 Holds and 7 Sells. The average Tesla price target of $850.24 implies 16.1% downside potential. Shares have gained 148.3% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.

According to the tool, the company’s website traffic registered a 13.17% decrease in global visits in October. However, the website traffic has increased 1.72% year-to-date.

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