TESLA Scraps Plans to Make Model S Plaid+, Shares Rise

TESLA (TSLA) revealed that it has abandoned its plans to develop Model S Plaid+, the most expensive upgraded version of its sedan.

Following the announcement, shares of the company increased 1% to close at $605.13 on June 7.

TESLA CEO Elon Musk commented, “Model S goes to Plaid speed this week. Plaid+ is cancelled. No need, as Plaid is just so good.”

He added that the upgraded version was cancelled as Plaid itself could go from 0 to 60mph in less than 2 seconds. (See TESLA stock analysis on TipRanks)

Notably, Model S Plaid+ would have been the most premium version of its sedan, priced at around $150,000. Key features of the cancelled model included 1,100 horsepower, 520 miles of range on a fully charged battery, and an acceleration of 0 to 60 mph in less than two seconds.

Recently, Wedbush analyst Daniel Ives reiterated a Buy rating and a price target of $1000 (65.3% upside potential) on the stock.

Overall, the stock has a Hold consensus rating based on 10 Buys, 7 Holds and 6 Sells.   TESLA average analyst price target of $640.29 implies 5.8% upside potential from current levels. Shares of TSLA have jumped 218.5% over the past year.

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