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June 7, 2021, 7:39 a.m. EDT

Tesla stock slips after Plaid Plus model canceled

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By Tomi Kilgore

Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.64% slipped 0.3% in premarket trading Monday, after Chief Executive Elon Musk tweeted over the weekend that it has cancelled the Model S Plaid Plus electric vehicle, since the regular Plaid model is "so good." Musk tweeted that the Model S "goes to Plaid speed" this week, as it can go from 0 to 60 miles per hour in just under two seconds, which he boasted makes it the quickest production car ever made. The Plaid, which has a starting price of $120,000, will have a battery range of 390 miles, while the Plaid Plus would have cost about $30,000 more and have a battery range of 520 miles. Wedbush analyst Dan Ives reiterated his outperform rating and $1,000 stock price target, saying he remained "fully bullish" on Tesla and the EV market despite near-term speed bumps, such as China demand worries. The stock had jumped 4.6% on Friday to snap a four-day losing streak. It has lost 15.1% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.31% has advanced 12.6%.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,068.96
+17.21 +1.64%
Volume: 13.91M
Dec. 8, 2021 4:00p
P/E Ratio
346.12
Dividend Yield
N/A
Market Cap
$1056.24 billion
Rev. per Employee
$445,694
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/zigman2/quotes/210599714/realtime
US : S&P US
4,701.21
+14.46 +0.31%
Volume: 2.16B
Dec. 8, 2021 4:59p
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