Tesla Motors Inc (NASDAQ:TSLA) Model S will now have a two door version and a two door coupe model, thanks to convertible expert Newport Convertible Engineering (NCE). NCE announced a two door version and a two door coupe following the four-door Tesla Model S convertible in April, says a report from Motor Authority.
The Huntington-based company has been in the convertible business for over 30 years and has worked on almost every car over the years.
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Order from China reflects the confidence
Similar to the previous Model S convertible, NCE stated that an unknown Chinese investor has already ordered 100 Model S convertibles for both styles. A bulk order of 100 Model S reflects the confidence this investor has in Tesla Motors Inc (NASDAQ:TSLA).
As of now, NCE will manufacture 600 units of both the dual door convertibles at its California headquarters along with facilities in Dubai and Barcelona. Production will be started by the end of 2014.
Price for the conversion of the two door convertible is kept at $25,000, but for the hard tonneau cover conversion the cost is $45,000. For coupe version, the entry price is at $35,000. Removing two doors from a four door car is more technical, but the price is kept $4000 lower compared to four door versions showed by NCE.
Previously, Tesla Motors Inc (NASDAQ:TSLA) rejected NCE’s request to give it 5,000 cars directly from the factory for conversion, and that is why the company is now telling customers to order their cars from Tesla and then ship it to an NCE facilities where it can be modified.
Analysts confident on Tesla
Separately, the latest earnings of the company were somewhat disappointing, but the stock quickly recovered from the low, narrowing the gap to reach $200 level. Recently, Morgan Stanley analysts Adam Jones, Ravi Shanker and Paresh Jain have maintained their Overweight rating and a price target of $320 on Tesla.
The Morgan Stanley report stated that Tesla Motors Inc (NASDAQ:TSLA) has managed to perform marginally better during the recent technology stock sell off. Although shares dropped for a short period, they recovered quickly. The MS analysts also noted that operating expenses have been rising, and the form has only provided limited information regarding the Gigafactory and possible locations.
Overall, the analysts are confident in Tesla Motors Inc (NASDAQ:TSLA) and have kept the stock in their top pick among original equipment manufacturers stating that they are still impressed with the stock. Their price target has been raised 70% to $320 and analysts say that the new target is “more commensurate with the risks and mission-critical catalysts imminently ahead.”