MW Tesla stock holds to weekly advance after 'Plaid' Model S
Tesla Inc. $(TSLA)$ stock fell on Friday after the unveiling of a souped-up version of its Model S sedan late Thursday, but the stock held on to gains around 1.3% for the week. The Model S, a sedan first sold in 2012, has lost ground to Tesla's cheaper sedan, the Model 3, and the newest offering, the compact SUV Model Y. The "Plaid" version of the Model S, which had its interior redesigned and is faster and more expensive, is also a few months late to get to market, and the Thursday event itself was more than one hour late in starting. Tesla and other auto makers have endured months of chip and parts shortages and rising raw-materials costs just as demand for new and used cars has increased . A revamped Model X, Tesla's full-size SUV, is also in the works. Shares of Tesla have lost 14% this year, but advanced 212% in the past 12 months. That contrasts with gains of 13% and 41% for the S&P 500 index in the same period.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
$(END)$ Dow Jones Newswires
June 11, 2021 10:51 ET (14:51 GMT)
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