As Tesla continues its meteoric rise, analysts are weighing in with their predictions for the electric vehicle maker in 2024. Two analysts, Dan Ives of Wedbush and Gene Munster of Deepwater Asset Management, provided insight into what Tesla may have in store next year.
Ives believes that Tesla will introduce a sub $30,000 vehicle by the end of 2024, making its vehicles more accessible to mainstream consumers.
BYD from China has proven the demand is there for lower-cost electric vehicles, and a model priced below $30k would further expand Tesla market share.
Meanwhile, Munster predicted that the much-hyped Tesla robotaxi will not actually be announced in 2024. He reasoned that showcasing the technology could cool demand for lower-priced Model 3 vehicles, which will continue facing muted EV demand overall next year. The robotaxi may also rely on production from Gigafactory Mexico, which Munster believes won’t be operational until 2027.
However, Munster expects Tesla to maintain its leading U.S. EV market share despite many investors bracing for loss. “While most investors expect Tesla to lose share in 2024 given they have almost 60% US market share today, we believe the company will maintain share as traditional car makers are slowing their investments in EVs,” he said.
So while Tesla may not reveal some of its most advanced technologies in 2024, analysts still predict a year of growth, new vehicle launches, and continued EV dominance for Elon Musk’s market-leading company. The coming year will shed more light on Tesla’s ability to maintain share even as competition mounts. But for now, analysts remain confident in Musk’s vision to aggressively expand Tesla’s consumer base.
Tesla enthusiasts are eager to see if the company can coordinate a simultaneous global launch of the new Model Y, unlike with the Model 3 Highland that was made available 4 months ago outside the USA but has yet to reach American showrooms.