Tesla (NASDAQ:TSLA) recently expanded its market presence by launching the Model Y sports utility electric vehicle (EV) in Malaysia. This move indicates the company’s dedication to strengthening its position in the Southeast Asian region.
The company is offering the vehicle at a starting price of $44,000 (199,000 ringgit) and plans to commence deliveries in early 2024. Notably, the car is priced lower in Malaysia compared to other Southeast Asian countries like Thailand and Singapore, where it is available for about $56,259 and $66,261, respectively.
Remarkably, Tesla’s strategic investments over the past few years have enabled the company to meet growing demand and enter new markets. With four manufacturing facilities worldwide, Tesla can currently produce approximately two million vehicles annually.
Additionally, Tesla has installed eight supercharging stations in Malaysia. The company’s efforts are aligned with Malaysia’s broader plan to build 10,000 charging stations by 2025, promoting the adoption of electric vehicles and sustainable transportation.
Is Tesla a Good Stock to Buy Now?
Wall Street analysts have a cautiously optimistic outlook on TSLA stock. Tesla has received 12 Buy, 12 Hold, and four Sell recommendations for a Moderate Buy consensus rating. Analysts’ average price target of $258.20 implies 1.79% downside potential from current levels.
As per TipRanks data, the most accurate analyst for TSLA is Wedbush analyst Daniel Ives. Copying the analyst’s trades on this stock and holding each position for one year could result in 74% of your transactions generating a profit, with an impressive average return of 19.26% per trade.