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Tesla (NASDAQ:TSLA) Notches Up on Chinese Software Fix, Cheap Used Prices – – TipRanks

Electric vehicle giant Tesla (NASDAQ:TSLA) hasn’t been having a great run of things lately. However, it’s showing plenty of fighting spirit and doing its best to keep up with a rapidly shifting market, and not a market shifting in its favor. News of a software fix in China, and comparatively cheap used Teslas coming on the market, gave Tesla a fractional boost in Friday morning’s trading.

The latest report noted that Tesla’s new software upgrade offered some extra functionality in the Chinese market, including displaying lane markings that actually matched up with those found on the road itself on the car’s in-car navigation system. The update actually addressed one major issue for Chinese Tesla drivers: they noted that the maps they were getting from smartphones were actually more accurate than the ones found in Tesla’s on-board display systems. Tesla didn’t point out just where the data that was used in the update was sourced from, however.

Kind of Cheap Teslas

Those in the market for a Tesla, meanwhile, may be interested to note that Hertz (NASDAQ:HTZ) is looking to drop the prices on its used Teslas for sale. In fact, Hertz is putting them out at “no-haggle” prices of around $25,000 each. However, these are also much older models in a market where they’re likely to be quickly outclassed in terms of performance. Still, it’s likely to pull sales away from newer models, especially where buyers were on the fence, but willing to buy if the price were more accessible.

Is Tesla a Buy, Sell or Hold?

Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on nine Buys, 14 Holds and nine Sells assigned in the past three months, as indicated by the graphic below. After a 24.11% loss in its share price over the past year, the average TSLA price target of $174.60 per share implies 2.32% downside risk.