The stock of electric vehicle manufacturer Tesla jumped as much as US$11 on March 14. The jump is most likely due to a claim that the small Tesla Model Y SUV will be released in 2018.
Tesla stock rises due to news claiming release of a small all-electric SUV next year. Following a news article from MarketWatch about the company releasing the Tesla Model Y SUV next year, the electric vehicle manufacturer's shares immediately reacted positively. Unfortunately, it seems that the news article is mistaken.
The article cited automotive magazine Autocar as its source. MarketWatch's article said, "The Model Y would be unveiled 'sometime next year,' the magazine said, with production slated for later in the year. It is likely to have the same top-hinged doors as the full-size Model X, it said."
However, Autocar never actually mentions that the Tesla Model Y would be launched next year. The automotive magazine actually said, "The Model Y is unlikely to be unveiled until sometime next year, with production set to follow late in the year."
It appears that MarketWatch misinterpreted Autocar article and reported that the Model Y would be seeing a 2018 release. The mix-up resulted in Tesla's favor as its stock rose by at least 4.5% earlier this week.
Tesla CEO Elon Musk as mentioned the Model Y in many occasions in the past. He eventually promised the public a compact SUV as well as a new kind of pickup truck in the future as posted on his blog in July last year. The Model Y, if released, could most likely be Tesla's best-seller given the market demand switching from smaller cars and sedans to bigger vehicles such as SUVs and trucks. Although unlikely to be revealed next year, the Model Y will most likely sport the same top hinged gullwing doors as the Model X SUV.
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