Bloomberg News

Tesla Motors Gains as Model S Debut Nears: San Francisco Mover

June 20, 2012

Tesla Motors Inc. (TSLA:US) rose for a fourth straight day, its longest streak since February, as the maker of electric cars prepares to begin delivering Model S sedans and Goldman Sachs Group Inc. raised its price target for the shares.

The stock (TSLA:US)gained 5.3 percent to $33.78 at close in New York. Goldman Sachs today set a six-month target (TSLA:US) of $50, up from $36, for the Palo Alto, California-based company’s shares. Tesla has climbed 18 percent this year.

“We see significant positive catalysts ahead,” Patrick Archambault, a Goldman Sachs analyst in New York who recommends buying Tesla shares, said in a report. He said the Model S, the Model X sport-utility vehicle planned for 2013 and Tesla’s next- generation model could push the company’s annual production to more than 90,000 vehicles by 2017.

Tesla, led by PayPal Inc. co-founder Elon Musk, has said deliveries to consumers will start June 22 for the Model S, its first vehicle to be designed and built in-house. The sedan has a range of as far as 300 miles (483 kilometers) per charge and a base price of $57,400, half that of Tesla’s Roadster, a battery- electric sports car made under contract with Group Lotus Plc that debuted in 2008. Roadster sales ended earlier this year.

The Model S is being built at Tesla’s Fremont, California, plant, which previously was a joint venture owned by Toyota Motor Corp. and the predecessor of General Motors Co. Toyota, Daimler AG and Panasonic Corp. are investors (TSLA:US) in Tesla.

To contact the reporter on this story: Hasan Dudar in New York at hdudar@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net


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Companies Mentioned

  • TSLA
    (Tesla Motors Inc)
    • $222.49 USD
    • 2.91
    • 1.31%
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