The Tesla share price has opened slightly higher this Wednesday. This scenario followed the raising of prices of its Tesla Model S and Model X vehicles.
The news first broke on EV magazine Electrek. The price hikes affect the model in the US and China, which happen to be the product’s most important markets. However, the vehicles sold in China would see a smaller hike, about $4,637.
The price increases have now raised the cost of the Model S and Model X (both long-range versions) to $89,990 and $99,990 in the United States. The company is yet to begin deliveries of the Model S Long-Range vehicle, with March-April 2022 now being outed as a potential release period.
Tesla Share Price Outlook
The Tesla share price looks set to challenge resistance at 725.47. A break above this point targets 743.70, leaving 779.23 (14 April high) as an additional upside target.
On the flip side, bears would be seeking a decline below the ascending trendline and a further breakdown of 654.12. This move would clear the pathway for a run towards 628.76, with 600.84 serving as an additional downside target.