Tesla Inc (NYSE:TSLA) last traded at $123.15. TSLA stock has dropped 65% this year. However, about 63% of analysts covering the stock still rate it buy or overweight. The average price target on Tesla shares is $269.75, reflecting upside of 119%, according to FactSet.
There is no doubt that TSLA remains the star of the electric vehicle crowd with sales surpassing that of both BMW and Mercedes-Benz this year. However, other EV company’s such as Lucid (NASDAQ:LCID) and traditional auto makers have started into cut into TSLA’s share.
Recently Tesla announced a credit of $7500 for all vehicles delivered before the end of the December. All of these marketing strategy will likely see TSLA sales keep rising. Tesla made up 65% of newly registered electric vehicles in the U.S. through the end of the third quarter. That’s a drop from the 71% seen in 2021. S&P anticipates Tesla’s market share will decline to less than 20% by 2025 as the number of available electric vehicle models in the market triples in the same time period.
