According to a report published by electrek, Tesla, Inc. (TSLA) has stopped taking orders for Model S and Model X vehicles outside North America.
The company’s shares were trading up 0.6% at the time of writing in the pre-market trading session on Monday. The stock closed 1.3% higher on Friday.
The update comes after an email was sent by Tesla to people who have ordered Model S and Model X vehicles in Europe.
The email said, “In order to expedite the delivery of existing orders, including your Model X order, as much as possible, we are currently no longer accepting new orders for the Model S and Model X from markets outside of North America…We currently expect shipments outside of North America to begin in the second half of 2022.” (See Insiders’ Hot Stocks on TipRanks)
The company stopped production of the Model S and Model X in January 2020 to update the vehicles. However, it kept taking new orders.
Meanwhile, production got delayed, and the new Model S was ready for delivery in June 2020, with the Model X ready in October 2020.
Wall Street’s Take
Last week, New Street analyst Pierre Ferragu maintained a Buy rating on the stock and raised the price target from $1,298 to $1,580 (55.4% upside potential).
In a note, Ferragu said, “Multiple strong catalysts in 2022 can drive shares higher in coming months. Those include an upside fourth quarter, strong production from Tesla’s Shanghai facility, new production capacity coming online in Germany and Texas, and new batteries for Tesla EVs.”
Overall, the stock has a Moderate Buy consensus rating based on 13 Buys, 6 Holds, and 6 Sells. The average Tesla stock price target of $982.96 implies 3.4% downside potential. Shares have gained 64.7% over the past six months.
TipRanks’ Tesla Website Traffic Tool, which uses data from SEMrush Holdings, the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a 1.2% rise in global visits in November. Moreover, website traffic has increased 1.7% year-to-date against the same period last year.