Shares of Tesla Motors Inc., the electric-car company led by Elon Musk, fell more than 9 percent Tuesday after Toyota Motor Corp. said its RAV4 sport-utility vehicle with batteries and motor from Tesla costs twice as much as a gasoline version.
Tesla declined 8.3 percent to $29.78 at 2:25 p.m. in New York, after falling as much as 9.6 percent for the biggest intraday drop since Jan. 13. The Palo Alto, California-based company plans to release first-quarter results Wednesday.
“The details of the RAV4 EV that Toyota gave out [Monday] were a little disappointing,” said Ben Schuman, an analyst with Pacific Crest Securities in Portland, Oregon, who rates Tesla shares sector perform, the equivalent of hold. The manufacturer’s suggested retail price “is a little bit high to make it appealing to a larger buyer group.”
Toyota said Monday the electric RAV4 that goes 100 miles (161 kilometers) per charge will sell for $49,800 when it goes on sale this year in California. The Toyota City, Japan-based company, a Tesla investor, plans to deliver 2,600 units over the next three years, Bob Carter, Toyota’s U.S. group vice president said at the model’s unveiling at the Electric Vehicle Symposium in Los Angeles.
The base price of a 2012 RAV4 with a 2.5-liter gasoline engine is $22,650 on Toyota’s website.
Tesla may report a loss of 70 cents per share Wednesday, excluding some items, the average of 11 analysts’ estimates compiled by Bloomberg.
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