Tesla Faces Competition as Xpeng Prepares to Launch New EV Model
Tesla's stock has fallen to $380, down over 23% from its yearly high, as Xpeng announces plans for a new electric SUV. Upcoming earnings may reveal a 17.20% year-over-year revenue increase, with analysts projecting total annual revenue of $104.5 billion.
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Tesla's stock price is currently at $380, representing a decline of more than 23% since its peak this year. The company is set to release its financial results on Wednesday, with analysts forecasting revenues of $26.36 billion for Q2, marking a 17.20% increase compared to the previous year.
Xpeng has indicated it will introduce a new electric SUV, the L03, priced at approximately 35,600 euros, competing directly with Tesla's Model Y. In Q2, Tesla produced 450,000 vehicles and delivered 480,000, an increase from the previous year's 358,000 deliveries.
The company faces pressure from increasing competition and rising operational costs, particularly in data centers. A further decline in stock price to $350 may occur post-earnings unless a rebound above $400 is achieved.
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