Tesla, Inc. TSLA has unveiled two urban Supercharger stations at Boston, MA and Chicago, IL, respectively. This is in line with the company’s focus to increase the number of Supercharger stations to address the growing demand.
Urban Supercharger stations will be located at supermarkets and shopping centers, enabling customers to charge their vehicles while doing their chores. Few features of these Superchargers include slimmer design and faster charging capacity with 72 kilowatt of power per vehicle.
Per the current scheme in the United States, pricing of these stations will vary depending on which state they are situated in. In Massachusetts, charging costs 22 cents per kilowatt hour, while in Illinois, it comes to 15 cents per kilowatt hour. In few areas two different pricing tiers exist, depending on the speed with which the driver is charging fuel into vehicles.
Tesla Inc. Price and Consensus
Tesla Inc. Price and Consensus | Tesla Inc. Quote
Tesla is rolling out its earliest batches of Model 3 sedans, available at cheaper rates than the other two existing sedans, Model X and Model Y. This push to expand its charging network is for the launch of Model 3 cars only. Further, the company aims to double the strength of Superchargers in 2017 to more than 10,000.
In order to supplement the Superchargers, the company intends to increase the number of Destination Charging connectors globally to 15,000 in 2017.
Tesla’s stock has plunged 11.3% year to date, substantially underperforming the 22.6% gain of the industry it belongs to.
Zacks Rank & Key Picks
Tesla currently carries a Zacks Rank #3 (Hold).
A few better-ranked automobile stocks are Toyota Motor Corporation TM, Allison Transmission Holdings, Inc. ALSN and Ferrari N.V. RACE, all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Toyota has a long-term growth rate of 7%.
Allison Transmission has a long-term growth rate of 10%.
Ferrari has an expected long-term earnings growth rate of 14.1%.
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