Tesla Motors Gains as Model S Debut Nears: San Francisco Mover

Tesla Motors Inc. (TSLA) rose for a fourth straight day, its longest streak since February, as the maker of electric cars prepares to begin delivering Model S sedans and Goldman Sachs Group Inc. raised its price target for the shares.

The stock gained 5.3 percent to $33.78 at close in New York. Goldman Sachs today set a six-month target of $50, up from $36, for the Palo Alto, California-based company’s shares. Tesla has climbed 18 percent this year.

“We see significant positive catalysts ahead,” Patrick Archambault, a Goldman Sachs analyst in New York who recommends buying Tesla shares, said in a report. He said the Model S, the Model X sport-utility vehicle planned for 2013 and Tesla’s next- generation model could push the company’s annual production to more than 90,000 vehicles by 2017.

Tesla, led by PayPal Inc. co-founder Elon Musk, has said deliveries to consumers will start June 22 for the Model S, its first vehicle to be designed and built in-house. The sedan has a range of as far as 300 miles (483 kilometers) per charge and a base price of $57,400, half that of Tesla’s Roadster, a battery- electric sports car made under contract with Group Lotus Plc that debuted in 2008. Roadster sales ended earlier this year.

The Model S is being built at Tesla’s Fremont, California, plant, which previously was a joint venture owned by Toyota Motor Corp. and the predecessor of General Motors Co. Toyota, Daimler AG and Panasonic Corp. are investors in Tesla.

To contact the reporter on this story: Hasan Dudar in New York at hdudar@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net

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