Tesla's Model YL Takes On Toyota And Ford: Analyst

Tesla is preparing to launch a longer, six-seat version of the Model Y SUV in China, according to a report by Benzinga. The move follows a 75% drop in weekly China sales earlier this month. The new Model YL is about 7 inches longer and up to 2 inches taller than the current Model Y. The new model is designed to compete with other three-row SUVs, such as the Toyota Highlander and Ford Explorer. Goldman Sachs analyst Mark Delaney maintained a Hold rating on Tesla and issued a \$285 price target. He expressed optimism that the new Model YL will strengthen Tesla’s position in the three-row SUV segment. Delaney expects Tesla to deliver 30,000 Model YL units in 2025, ramping up to 375,000 by 2027, and sees the model as a response to consumer demand for roomier mid-sized SUVs.